Operational Update

RNS Number : 0393X

Roxi Petroleum Plc

08 February 2012

 



For immediate release                                                                                                              8 February 2012

Roxi Petroleum plc

("Roxi Petroleum" or the "Company")

Operational Update

Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with regard to BNG well 136.

The well, which is on the North Yelemes structure and is planned to be drilled to a total depth of 2,950 metres was spudded on 16 December 2011. At the time of spudding, drilling was expected to take approximately 40 days. However, the severe weather in the area, with minus 30 degree temperatures and high winds, for much of the past month, has meant that we have experienced a series of interruptions to our operations, and consequently the drilling timetable has been delayed.

On Tuesday, 7 February 2012, the drilling had reached 1,947 metres and the total depth of 2,950 metres is now expected to be reached in early March, assuming weather conditions improve in the next two weeks.

The exploration well is targeted to encounter Jurassic Bajocian sands at a depth of 2,550 metres and a secondary objective in the Triassic sands at a depth of 2,840 metres.

David Wilkes, CEO commented,

"We continue to prioritise the health and safety of our employees and contractors during this period of particularly harsh weather conditions. We plan to resume drilling within the next few days, as weather conditions improve, and we will update the market as soon as we have reached our target depth."

Enquiries

Roxi Petroleum plc David Wilkes CEO	[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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