Operations Update

Roxi Petroleum Plc
19 March 2008


Operations Update

Roxi Petroleum plc ('Roxi' or 'the Company'), the Kazakhstan based oil
exploration and development company, that on 3 March 2008 acquired 59% of Eragon
Petroleum Plc for US$190m satisfied by the allotment of 145m ordinary shares at
65 pence per share, announces the current operational status of all of the
assets operated by Roxi.

Rob Schoonbrood, CEO, said, 'We are hard at work to accelerate the progress of
all of the oilfields now included in Roxi's portfolio of oil and gas assets. We
will keep our investors abreast of all significant developments on a regular
basis.'

Ravninnoe Contract Area

Roxi has completed the acquisition of a 193 km2 3D seismic survey over the
Contract Area located in Mangistau and Atyrau Oblasts of Western Kazakhstan.  At
the end of January, 2008 the final data was delivered by the seismic contractor,
KazGeCo, to Veritas Caspian LLP for processing. The survey is designed to
resolve the detail of the Ravninnoe oilfield, which Roxi believes is a
combination of structurally and stratigraphically closed clastic reservoirs in
the Middle Carboniferous.

On the 12 March 2008, Roxi began the first of five well re-entries planned for
2008 to establish the condition of the wellbores and possibly test-produce the
reservoir. These wells were drilled in the 1980's and encountered oil shows in
Carboniferous sandstones at depths between 3200m and 3300m, Roxi will acquire
modern wireline log data and perforate and test the Carboniferous reservoirs if
the wellbores are in safe and sound condition.

Beibars Contract Area

Roxi has completed all environmental and regulatory permissions in order to
acquire a 121km2 3D seismic survey over the Contract Area located in the
Mangistau Oblast of Western Kazakhstan. This survey was originally planned for
the fourth-quarter of 2007 but was delayed for 3 months due to procedural
matters. A further delay has been encountered pending resolution of a recent
conflict in land use rights issued to both Roxi and the Kazakhstan Ministry of
Defense which is considering the surface area for use in training exercises.
Discussions with the local Land Use Authority have taken place to seek a
workable solution. Subject to resolution of this issue, the Seismic Contractor,
KazGeCo, will mobilize and begin work in mid 2008.

Galaz Contract Area (NW Konus)

The acquisition of approximately 30km2 of 3D seismic was completed in its Galaz
(NW Konus) Contract Area located in the Kyzylorda Oblast of Central Kazakhstan.
The seismic contractor, Azimut, completed the acquisition of the survey in
January 2008. The dataset is currently being processed by Geostan. The objective
of the survey is to better define the structural and stratigraphic detail of the
Upper Jurassic reservoir sands with existing proven, probable, and possible
reserves. The survey will also assess the exploration potential in the lower
Cretaceous-Neocomian sands and in deeper undrilled Jurassic sequences.

Wells #26 and 27 were re-entered the fourth quarter of 2007. Well #26 was re-
perforated in the Jurassic sands at a depth of 1330m and 10m3 of oil and water
were recovered to surface. Well #27 was re-perforated in Cretaceous sands at a
depth of 1315m and 50m3 of oil and water were recovered to surface. Roxi will
install a pump to test Well #27 within the month. Basic production equipment is
being installed to test Well #26.

Tenders for new well drilling have been received and a contract will be awarded
to begin drilling in the second quarter of 2008.

BNG Contract Area (Ayrshagyl)

Roxi has applied for an extension of a portion of the Contract Area in its BNG
(Ayrshagyl) Contract Area located in the Mangistau Oblast of Western Kazakhstan
to cover structures within the original block.

Should the extension be granted, the company will perform gravity and seismic
survey programs on this area and elsewhere on the block in 2008.

Munaily Contract Area

Two wells were drilled on its Munaily Contract Area located in the Atyrau Oblast
of Western Kazakhstan in the fourth quarter of 2007.

Well H1 was drilled to a total depth of 1270m and encountered a 12m gross
thickness of oil bearing Jurassic sands at 1228m. The well was completed and put
onto production test in January 2008. The well has flowed under natural flow at
rates of approximately 80 barrels of oil per day over a 30 day period, Upon
completion of testing, further prospective zones existing in the wellbore will
be perforated and tested.

Well H2 was drill to a depth of 600m and encountered initial indications of oil
in existing reservoirs. Further work is needed to test this and other zones in
the well.

Enquiries:

Roxi Petroleum plc

   Rob Schoonbrood, CEO             [phone]
   David Barker, COO                [phone]

College Hill (Financial PR)

   Paddy Blewer                     [phone]
   Nick Elwes                       [phone]

WH Ireland (NOMAD and broker)

James Joyce/David Porter            [phone]

Qualified person

Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow in the
Geological Society, London, has reviewed and approved the technical disclosure
in this announcement. He holds a BSc in Geology and has 25 years international
experience of exploration, appraisal, and development of oilfields in a variety
of environments.


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