Operational update

RNS Number : 8838D

Roxi Petroleum Plc

23 May 2012

 



For immediate release

23 May 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 operational progress at its Galaz Contract Area.

Well NK7, which was spudded on 25 April 2012, reached a total depth of 1,360 metres on 15 May 2012, after which wireline logging was run.

The preliminary interpretation indicates that the well encountered oil bearing zones, in the lower Cretaceous at a depth of 1,288 metres and also in the upper Jurassic sands at a depth of 1,307metres. 

Evaluation work led by our partners LGI continues and once the interpretation of the wireline logging with coring data has been completed, perforation intervals will be selected and testing will be carried out by work-over rig.

A further announcement will be made on completion of this work.

Clive Carver, Chairman commented

"We are encouraged by these drilling results are and look forward to receiving the full evaluation in the coming weeks."

Enquiries

Roxi Petroleum plc Clive Carver, Chairman	[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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