LONDON (Alliance News) - Roxi Petroleum PLC saw its shares surge Tuesday afternoon, after it said the first core sample taken from the A5 deep well on the BNG Contract Area has been successfully completed, with both oil and gas shows detected.
Roxi Petroleum shares jumped 38.2% Tuesday afternoon, to be trading at 15.25 pence.
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 Tuesday that the first core sample over the 12 metre range between 4,332 and 4,344 metres has been successfully completed.
"Initial examination shows the recovered core of dolomitic limestone and is porous, fissured and filled with oil," the company said.
The company also said that it has encountered a 5 centometre to 10 centimetre layer of siliceous rock at a 4,344 metre depth.
"Roxi's management believes the oil bearing interval extends beyond the 12 metres referred to above and is seeking to take further core samples over an additional 18 metres between depths of 4,347 and 4,365 metres," it added.
Roxi said that should the 18 metre interval show oil, it will continue to take further core samples until the full extent of the oil bearing intervals are established, at which point it said testing work will focus on establishing flow rates for the oil encountered.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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