LONDON (Alliance News) - Kazakhstan-focused oil and gas company Roxi Petroleum PLC on Wednesday saw its shares drop early Wednesday after its said the blockage problems at its Deep Well A5 at the BNG contract area remain an issue.
Roxi said despite continued efforts to clear the blockage at Deep Well A5, these measures have yet to prove effective. The company will therefore be seeking to use additional specialist equipment and may need to bring in additional assistance in order to complete the operation.
Elsewhere, the company said drilling on Deep Well 801 is progressing and is expected to reach total depth in mid-April.
Roxi also said it has received all relevant approvals in Kazakhstan for the sale of its stake in the Galaz contract area.
"While the pace of the clean up at Deep Well A5 is clearly slower than expected progress at Deep Well 801 is encouraging and has to date been without many of the technical issue encountered during the drilling of Deep Well A5," said Roxi Chairman Clive Carver.
Roxi Petroleum shares were down 14.4% at 11.45 pence early Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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