RXP.L Share News (RXP)

LONDON (Dow Jones)--Roxi Petroleum Plc (RXP.LN), an Central Asian oil and gas company with a focus on Kazakhstan, announced Wednesday Well 806, on the South Yelemes structure, is due to spud within the next two weeks. MAIN FACTS: -This appraisal well is targeted to encounter Jurassic hydrocarbon bearing sands at 2200 meters depth. -It will also core and evaluate a secondary objective in the Lower Cretaceous dolomites. -Well 805 testing is scheduled to commence in the second half of July 2010, with a work-over rig currently being mobilized. -Two intervals will be tested, the Jurassic sands, and Lower Cretaceous dolomites. Further announcements on wells 805 and 806 will be made in due course. -Ravninnoe Well 20 on May. 31, was put onto 90 day production test. -Following injectivity tests in June, an acid squeeze across the open perforations was performed, to stimulate the dolomitic section between 3258 meters and 3288 meters depth. -Despite the acid being successfully pumped, no clear improvement has been observed from production testing to date with rates of 120 barrels of oil per day being produced. -Testing will continue through to the end of July, and Ravninnoe Oil LLP has applied to the Kazakh Ministry of Oil and Gas to put the well onto continuous production and further evaluate the reserves on the Ravninnoe field. -While the company understands that the results from the acidisation do not preclude further stimulation or enhancement efforts, it believes that the new data acquired and the results of the well 20 test, indicate that further reserves potential on the Ravninnoe field will be linked to the identification of new reservoirs, resulting from our better understanding of the palaeo-geographic and structural model. -3D Seismic BNG is in the middle of a rolling 3D seismic campaign over the BNG contract area. -In 2009 34% of the prospective acreage within the block was covered when the "Yelemes and Ayrshagyl Survey" was shot in the north. -The prospect portfolio covering the northern area is currently being audited by RPS in conjunction with our partners in BNG, Canamens Energy Ltd, and information will be released to the market at the earliest opportunity. -Currently a further 46% is being acquired with the "Central Survey". -The field acquisition is scheduled to be complete by the end of July 2010 and should be processed by the end of October. -The remaining 20% of the acreage will be covered by 3D seismic by the "South Saztobe Survey" in 2011. -Shares closed Tuesday at 6.13 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires July 14, 2010 02:51 ET (06:51 GMT)