LONDON (Alliance News) - Roxi Petroleum PLC, a Central Asian oil and gas company with a focus on Kazakhstan, on Friday said that oil produced from two intervals indicates that its "high hopes" for Well 143 were well founded, as it issued an update on its flagship BNG asset.
Roxi said there was a discovery at the MJ-F structure towards the North of South Yelemes field at BNG in Kazakhstan.
The company said it believes there are three main intervals of interest at Well 143 - at 2,193, 2,216 and 2,692 metres - with a fourth interval of interest at 2,088 metres identified from core samples.
Although there were a "number of failed well tests" the company said it persevered with the well, and after work to remove excess drilling fluids oil flowed from intervals at 2,692 meters and 1,935 metres depth.
Testing so far of the interval of 2,692 to 2,694.5 metres has averaged about 100 barrels per day, the company said.
Further testing of the two intervals is continuing, as the company assesses the remaining intervals of interest.
The company said the location of the well may "considerably extend" the shallow horizon at South Yelemes from which wells 54, 805, and 806 are currently producing.
"For a long time we have held high hopes for Well 143 both as a stand alone well and as a part of a wider structure. We believe the oil produced from two intervals indicates our optimism was well founded," Chairman Clive Carver said in a statement.
Elsewhere, Carver said the company is pleased with the "pace of the work" at its two deep wells A5 and 801, and looks forward to reporting progress in due course.
Roxi shares were up 3.2% at 10.06 pence on Friday morning in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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