LONDON (Alliance News) - Roxi Petroleum PLC Monday said it is yet to find any indications of oil in its secondary target in the Permian formation of its Airshagyl 5 deep well at the BNG contract area, Kazakhstan.
In a statement prepared for its annual general meeting being held Monday, the oil and gas exploration and development company said the Airshagyl 5 well has been drilled to a depth of 4,236 metres and is yet to find oil. Its primary target is the Carboniferous formation, which is not expected to be reached until 4,390 metres, but its subsidiary target was supposed to be breached at 4,120 metres.
The company said that due to high pressures and temperatures, drilling is going to continue at a slow pace on the Airshagyl 5 well towards its target depth of 4,700 metres.
Roxi Petroleum added that its shallow well 143 at the site has penetrated a target interval between 1,961 and 1,974 metres in depth and is being further tested.
The company also said its deep well NK-31 at the Galaz contract area began test drilling in June and by Friday had reached 1,904 metres out of its target 2,500 metres without incident.
Roxi Petroleum shares were down 19% to 4.25 pence, putting it in the top five AIM ALL-Share fallers in early trading on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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