Operational Update

RNS Number : 8521F

Roxi Petroleum Plc

21 June 2012

 



For immediate release

21 June 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.

NK7

Well NK7 was spudded on 25 April 2012 and reached a total depth of 1360 m on 15 May 2012. On 23 May 2012 it was announced that oil-bearing intervals had been encountered at depths of 1288 and at 1307 m and that our partners LGI would conduct further testing.

Roxi is pleased to announce that the well was perforated at levels between 1309 and 1314.5 m and that oil flowed following swabbing, at rates which have yet to stabilise, but most recently have been equivalent to some 180 bopd.

A further period of testing over the next few days is required using different choke size to calculate the optimal flow.  Following this, towards the end of the month, it is expected that a second interval will be perforated and tested and that in July a 90 day test will commence on the well.

NK13

NK-13, which was spudded on 28 May 2012 and reached its total depth of 1363 m on 13 June 2013 and since then wireline logging has been conducted.

The wireline logging interpretation indicated that there are no intervals of interest for further testing and therefore this well has been plugged and abandoned.  The rig used for NK-13 will be moved to its next location NK-14, which is expected to be spudded within 2 weeks.

Clive Carver, Chairman said

"We are extremely encouraged by the testing results to date at NK7 and look forward to updating the market over the next week or so.  If they are substantiated in the further tests the results to date at NK7 would more than make up for the disappointment with NK13."

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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