LONDON (Alliance News) - Shares in Roxi Petroleum PLC jumped Tuesday after the company said it successfully took a third core sample from the A5 deep well on the BNG Contract Area, and said the gross oil-bearing interval at Well A5 now exceeds its initial expectations.
The BNG Contract Area is located in the west of Kazakhstan and Roxi holds a 58.41% interest in the area.
The central Asian oil and gas company said it now intends to determine the full extent of the oil-bearing interval by drilling and logging rather than taking additional core samples.
It said that once this has been completed and after the delivery of additional equipment, it intends to put Well A5 on flow test.
"We remain excited by the potential of the deep horizons at the BNG Contract Area and look forward to the results of the flow test," said Chairman Clive Carver in a statement.
Roxi Petroleum shares were up 7.6% at 17.75 pence Tuesday morning.
Roxi said shallow Well 143 is now being swabbed before testing commences on the intervals of interest. It said that should Well 143 test positively, it believes it could significantly extend the horizon already being produced from by Wells 805 and 54.
The company said work is underway preparing the well NK-31 on its Galaz Contract Area for logging to determine which intervals to perforate for further testing.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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