LONDON (Alliance News) - Roxi Petroleum PLC said Thursday it has been granted a 140.6 square kilometres extension to its BNG contract area by Kazakh regulatory authorities, at a price of USD2 million.
The Kazakhstan-focused oil and gas company said it has a 58.41% interest in the BNG contract area through its 59% stake in Eragon Petroleum Ltd.
The BNG licence was renewed for a further three year period last June.
Roxi plans to acquired 3D seismic data on the new territory before it finalises its drilling plans. Of particular interest is a deep formation that it believes extends into the new extension area.
Shares in Roxi were up 0.4% at 6.65 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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