LONDON (Alliance News) - Roxi Petroleum PLC Monday said it expects its new deep well, Airshagyl 6, in the BNG contract area in the west of Kazakhstan, to be spudded by the end of 2014, and will be located 2,000 metres from deep well A5.
In a statement, the oil and gas company, which has a focus on Kazakhstan, said it will look to enter into a fixed price turn-key drilling contract with a Kazakh drilling company following completion of a tender process.
Roxi said it has a much better understanding of the geology of the part of the BNG contract area in which A6 is located, following its experience of drilling A5.
"Consequently, in the absence of any fundamentally different drilling conditions, Roxi expects Total Depth at Deep Well A6 will be reached in approximately 4 months from the spud date," Roxi said in a statement.
"Roxi also expects the results from deep well A6 will help determine the extent to which the oil-bearing interval discovered at deep well A5 extends below 4,437 meters," the company added.
Roxi also said it intends to undertake the A5 flow test in the middle of the fourth quarter of 2014 following well completion.
In addition, Roxi expects initial results from BNG shallow wells tests between 1,943 meters and 1,950 meters in Valanginian horizon by the end of September.
Roxi has a 58.41% interest in the BNG contract area.
Meanwhile, Roxi said that well NK-31 on its Galaz contract in the Kyzylorda Oblast in central Kazakhsta will be tested between 2,445 meters and 2,468 meters in Doshan Suite with initial test results expected by the end of September.
Roxi's next planned announcement will be the test results at wells 143 at BNG and NK-31 at Galaz.
"In response to market interest we are pleased both to be able to provide more clarity on the timing of the eagerly anticipated flow tests on Well A5 and the plans for follow up well A6," Chairman Clive Carver said in a statement.
Roxi shares were Monday quoted down 16% at 16.30 pence.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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