Last checked at 27 Jan 2016 07:00
Roxi Petroleum PLC
("Roxi" or the "Company")
Appointment of Gaffney, Cline & Associates
to update technical estimates at BNG
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with the announcement that Gaffney, Cline & Associates ("GCA") has been retained to evaluate Roxi's flagship BNG asset.
Previous estimation work
GCA were first formally appointed to undertake an independent audit of the prospects identified by the Company in January 2011, based on the Company's acquisition in 2009 and 2010 of 1,500 square kilometers 3D seismic data.
They reported a large portfolio of 34 prospects with best estimate Prospective Resources varying from 1 to 82 MMBbl and chance of success varying from 7% to 85% along with 13 Leads. Roxi Management has aggregated these Best estimates to provide a combined, unrisked, gross resource potential of c. 900 million barrels.
Since that date significant work has been undertaken at both the Company's shallow and deep prospects.
Timing
GCA will first consider the portion of the BNG Contract Area covered by our shallow drilling, from which production capacity under test conditions is currently running at the rate of 1,065 bopd (622 net to Roxi).
Roxi expects to have the output of this work in Q2 2016.
Following completion of well tests in Deep Wells A5, 801 and when completed A6, GCA will also consider the portion of the BNG Contract Area addressed by our deep drilling.
The timing on the output of this report will depend on the timing of the three well tests referred to above.
Ends.
Comments:
Clive Carver, Chairman said
"The appointment of Gaffney, Cline & Associates to revisit their estimates based on the Company's drilling activities since 2011 is another step on the path to demonstrating the potential of the field. We look forward with interest to the output of their work."
Enquiries:
Roxi Petroleum PLC
Clive Carver, Chairman +7 727 375 0202
WH Ireland Ltd
James Joyce / James Bavister +44 (0) 207 220 1666