Operational update

RNS Number : 0266H

Roxi Petroleum Plc

14 June 2013

 



For immediate release                                                                                                          14 June 2013

Roxi Petroleum plc

("Roxi" or "the Company")

Operational update

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to provide an operational update on its flagship BNG asset.

Well 143

As previously announced, Well 143 was spudded on 1 April 2013, on the MJ-F structure located towards the North of South Yelemes field at BNG.

This exploration well is targeted to encounter Jurassic Callovian sands at a depth of 2,170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935 metres.

As the middle Jurassic section is also expected to be within 4-way dip closure in the MJ-F structure as well as the top Jurassic section, Roxi has decided to drill continuously to 2,750 metres, 250 metres deeper than the original  planned depth of 2,500 metres.

As of 24:00 June 12, the well was reached to 2,519 metres and is expected to reach the total depth within a week, at which time wireline logging will be run to identify the zone of interest for testing.

Deep Wells

Also as previously announced, Roxi intends to drill two deep wells at its BNG asset in 2013.  The first well is to be drilled to a depth of 4,700 metres and the second to a depth of 4,200 metres.

It has taken longer than expected for the drilling contractor to complete Rig-up due to the delay of release of Rig from their previous well. As a result, the first well is now expected to spud towards the end of June 2013.

Enquiries

Roxi Petroleum PLC                                                                              

Clive Carver, Chairman                                                                 [phone]

WH Ireland plc              

James Joyce / James Bavister                                                    [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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