Operational update

RNS Number : 3920L

Roxi Petroleum Plc

04 September 2012

 



For Immediate Release

4 September 2012

Roxi Petroleum plc

("Roxi" or the "Company")

Operational update

Roxi Petroleum (AIM:RXP), the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to make the following operational update with respect to its Galaz asset.

NK8

On 15 August 2012, Roxi announced that NK8 (previously designated as NK14) had been tested at an interval in the Jurassic horizon between 1291 and 1296 metres using choke sizes ranging between 5-7mm.

Using a 5mm choke oil flowed at the rate of 161 bopd; using a 6mm choke oil flowed at the rate of 197 bopd; and using a 7mm choke oil flowed at the rate of 251 bopd.

Roxi is pleased to announce that since then further tests have been completed at an interval in the Cretaceous horizon between 1282.8 and 1288.5 metres.

Using a 5mm choke oil flowed at the rate of 199 bopd; using a 6mm choke oil flowed at the rate of 309 bopd and using a 7mm choke oil flowed at the rate of 392 bopd.

In early September and following the build up of pressure, Roxi intends to put NK8 into production using a choke size of 5mm.

Expected aggregate production from Galaz

Shareholders are reminded that Roxi has previously announced ongoing production at NK6 of 156 bopd and test production at NK7 ranging to 620 bopd using a 7mm choke. At present NK7 is currently producing 180-190 bopd using a 5mm choke.

On the basis of these well results and using 5mm chokes at each of the producing wells Roxi therefore anticipates the aggregate gross production from these three wells alone to be at the rate of approximately 700 bopd.

Roxi currently has a 34.22 per cent interest in the Galaz field.

Comments

Clive Carver, Chairman said

"These latest test results at NK8 taken together with the existing production from NK6 and NK7 demonstrates the attractiveness of the Galaz field.

With oil flowing from several wells and from both Jurassic and Cretaceous horizons we believe our investment at Galaz has increased in value."

Enquiries

Roxi Petroleum plc Clive Carver, Chairman	(c/o Buchanan) [phone]
WH Ireland plc James Joyce / James Bavister	[phone]
Buchanan (Financial PR) Tim Thompson / Ben Romney / Helen Chan	[phone]

Qualified Person

Mr. Hyunsik Jang, Chief Operating Officer of the Company, has reviewed and approved the technical disclosures in this announcement.  He holds a BSc in Geology and has 25 years of international experience of exploration, appraisal and development of oilfields in a variety of environments.

 

END

 

 

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