Operational update

RNS Number : 0936B

Roxi Petroleum Plc

11 April 2012

 



For Immediate Release

11 April 2012

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 update the market with operations on its Galaz Contract Area.

Galaz

Well NK-10, which was drilled in November and December 2011, was tested by our partners LGI between 1 April and 9 April 2012, at depths between 1288 and 1298 meters.

The tests have revealed high water content with only minor gas and oil film shows.  Accordingly, no further tests are planned for NK-10 and accordingly NK-10 will now be plugged and abandoned.

Exploration and appraisal work on NW Konys will continue with production from the Galaz Contract Area currently running at the rate of 160 bopd.

David Wilkes, CEO commented

"The test results from NK-10, while disappointing, provide very useful information on the boundaries of the reservoir encountered, together with the results of tests in March 2012 on Well NK-9."

Enquiries

Roxi Petroleum plc David Wilkes CEO	[phone]
Strand Hanson Limited Andrew Emmott / Cordelia Orr-Ewing	[phone]
Renaissance Capital Limited John Porter / James Etherington	[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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