Operational Update

RNS Number : 0815Z

Roxi Petroleum Plc

04 March 2013

 



For immediate release                                                                                         4 March 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 update the market with developments at its BNG and Galaz assets.

BNG

The Board is pleased announce the first pilot production from the South Yelemes field in the BNG Contract Area.

Background

Roxi has a 58.41 per cent interest in the BNG Contract Area, which in total covers 1,561 square km, of which 1,376 square km has 3D seismic coverage.  South Yelemes is a part of the BNG Contract Area where Roxi has been exploring predominantly shallow prospects.

Roxi has three wells at South Yelemes.  Well 54 is a Soviet era well that was re-entered and Wells 805 and 806 were drilled in 2010, when Wells 54 & 805 were tested successfully and Well 806 was suspended for testing.

Recent test results

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 by sucker rod pump.

Testing of Well 806 is due to take place in mid March.

Ongoing production

Following the testing of Well 806, it is the Company's intention to produce from these wells at the rates indicated. An agreement to sell oil from South Yelemes has been entered into with local purchasers.

Roxi expects to commence its deep drilling campaign at other parts of the BNG by spudding a 4,200 metre well in April 2013.

Galaz

At Well NK-12 there has been a leakage in the casing, which together with other operational issues has delayed the testing of this well.  It is expected that this well will now be tested in mid March.

Comments

Clive Carver, Chairman commented:

"We are extremely pleased with the test results to date at South Yelemes and look forward to updating the market following completion of the tests on Well 806."

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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