RXP.L Share News (RXP)

LONDON (Alliance News) - Kazakhstan-focused oil and gas company Roxi Petroleum PLC on Friday said it has made progress on unblocking one of the wells at the BNG project and said gas condensate has been seen at the other deep well at the site.

The company said it has continued work on trying to remove the blockage in the drill pipes at Deep Well A5 at the project and is now trying to clear the blockage by retrieving the entire drill string. Once this is completed the 30-day well test will start at the site.

At the Deep Well 801 site, drilling has now reached a depth of 4,649 metres, with analysis of the drilling fluids showing traces of gas condensate, an indicator of an oil-bearing formation.

"Although slow it appears we have found a way to deal with the blockage at Deep Well A5. Once the core sample has been taken and analysed at Deep Well 801 we will have a better understanding of the potential of this well," said Clive Carver, Roxi's chairman.

Roxi shares were down 7.0% to 13.8349 pence on Friday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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