Operational Update

RNS Number : 1433G

Roxi Petroleum Plc

03 June 2013

 



For immediate release                                                                                                                                3 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 806

Background

Roxi has a 58.41 per cent interest in the BNG Contract Area, which already has three wells at South Yelemes part of the Contract Area.  Well 54 is a Soviet era well that was re-entered in 2010 and Wells 805 and 806 were drilled in 2010. Testing of these wells was delayed pending changing farm-in partners.

Following the $40 million equity commitment secured in January 2013 Roxi decided to test these wells. On 18 February 2013, Well 54 produced at a daily rate of 219 bopd with a 2mm choke. On 14 February 2013, Well 805 produced at a daily rate of 120 bopd using a  sucker rod pump.   Both these wells are now producing from the Jurassic formation.

Latest test results on Well 806

As previously announced, the first level between 2,022 and 2,032 metres was tested for a period of 6 days during which the natural flow rate averaged some 90 bopd and the second interval between 1,998 and 2,015 metres has been tested for a period of 2 days during which the natural flow averaged some 130 bopd.

Testing on the third interval between 1,985 and 1,994 metres commenced on 25 May 2013 and to date the highest recorded flows have been 47 bopd.

All the above three intervals were tested from Cretaceous formation.

Roxi will therefore apply to the authorities for 90 days testing on the Cretaceous formation.

Comments

Clive Carver, Chairman commented:

"We are extremely excited to have successfully tested three Cretaceous intervals at Well 806 in addition to the two wells in the Jurassic formation which is now producing from Well 54 & 805.

We will now proceed with 90 day testing in the Cretaceous formation and use the information gathered to determine the location of future wells in this structure.

Enquiries

Roxi Petroleum PLC                                                                               c/o Buchanan

Clive Carver, Chairman                                                                 [phone]

WH Ireland plc              

James Joyce / James Bavister                                                    [phone]

Buchanan (Financial PR)

Tim Thompson / Tom Hufton                                                   [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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