LONDON (Alliance News) - Roxi Petroleum PLC Tuesday said it has started a new well at its Galaz site, while the results of a testing programme at shallow wells on its BNG site continue to indicate that a portion of the BNG contract area is commercially attractive.
In an operational update, the Kazakhstan-based oil and gas company said it has started to drill well NK-31 at the Galaz site on the Turgai basin in central Kazakhstan. The well, which will be the deepest drilled so far at Galaz, is expected to reach its final depth of 2,500 metres by the end of July.
At BNG, on the edge of the Caspian Sea in western Kazakhstan, Roxi said it is about to start final drilling on the A5 deep well. It paused drilling at 4,081 metres after passing through a salt layer without incident despite very high pressures. It will now take it down to 4,700 metres because the casing has now set.
"Core samples from any oil-bearing formations will be taken during drilling with initial results expected to be available by the end of June," it said.
Meanwhile, testing at shallow wells 136, 143, 805 and 806 at the site is continuing.
"The results of the testing programme at the shallow wells at BNG continue to indicate that portion of the BNG Contract Area is commercially attractive. In particular, should Well 143 test positively Roxi management believes it could significantly extend the horizon already being produced from by Wells 805 and 54," Chairman Clive Carver said.
Roxi Petroleum shares were down 0.1% at 4.62 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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