Operational update

RNS Number : 0167K

Roxi Petroleum Plc

15 August 2012

 



For Immediate Release

15 August 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

NK8 (previously designated as NK14) reached a total depth of 1378 metres on 14 July 2012. The well has now been tested at an interval between 1291 - 1296 meters 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.

Further testing of a different interval is planned and an announcement of the outcome of this testing will be made in due course.

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 500 bopd.

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

Comments

Clive Carver, Chairman said

"The results from NK8 when taken together with test production from NK6 and NK7 will mean production from Galaz at around the 500 bopd level.

Production at these level at Galaz provides a strong underpinning of the Company's valuation ahead of the exiting deep drilling campaign at BNG, which upon receipt of the required regulatory approvals, is scheduled to commence in the Autumn."

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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