Operational Update

RNS Number : 5352K

Roxi Petroleum Plc

18 July 2011

 



18 July 2011

Roxi Petroleum plc

Operational Update

Roxi Petroleum ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following update:

·     Ministry awards extension of the BNG Sub-Surface User Contract to June 2013.

Roxi is pleased to announce that BNG Ltd LLP (subsidiary operating company of the BNG contract), has received the addendum setting out the extension to the BNG Sub-Surface User Contract till June 2013, from the Ministry of Oil and Gas. This extension is the first of two, 2 year extensions provided for in the terms of the Contract, and is awarded with a work programme of commitment of two wells; one to 2500m and one to 4500m.

The company continues the process of ranking and maturing the multiple prospects identified so far, with the aim of scheduling a drilling programme for 2012/13. Work is also under way preparing South Yelemes wells 54 and 805 for Pilot production in the fourth quarter of 2011. The final permits to produce are now be sought by BNG.  The South Yelemes Project provides for two additional appraisal wells to be drilled on the field during the extension period, prior to full field development.

David Wilkes CEO commented:

" We are pleased to receive the anticipated extension to the BNG Contract from the Ministry, which allows us to prepare for what should be an exciting two years exploring and appraising some of the 900 million barrels of resources confirmed by our recent independent technical audit"

Enquiries

Roxi Petroleum plc David Wilkes CEO	[phone]
Strand Hanson Limited Andrew Emmott / Rory Chichester	[phone]
Renaissance Capital Limited Simon Matthews / John Porter	[phone]/ [phone]
Buchanan Communications (Financial PR) Tim Thompson	[phone]

 

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