Last checked at 14 Feb 2011 10:39
For immediate release 14 February 2011
Roxi Petroleum plc
Elemes 135 Well Results
Roxi Petroleum plc ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following operations update:
BNG Ltd LLP(Roxi Interest 23.41%)
Well 135 was drilled to a total depth of 2950m on 10 February 2011. Despite encountering shows over much of the target Jurassic interval, wireline logging has confirmed that there are no zones of commercial interest and the well will be plugged and abandoned.
This well tested a single play type and has given the Company and its partners in BNG useful information for de-risking the forward exploration programme. Following abandonment of well 135, BNG will re-evaluate the current drilling programme to incorporate new prospects being generated from the newly acquired 3D seismic, which completed processing in December.
David Wilkes CEO commented:
"We are disappointed that well 135 failed to find producible hydrocarbons, however we have learnt valuable information about the trapping potential of the Jurassic reservoirs, and will use this to increase the success rate of future exploration drilling on the block."
Enquiries
Roxi Petroleum plc
David Wilkes CEO +7 727 244 0920
Matrix Corporate Capital LLP (NOMAD and broker)
Louis Castro / Tim Graham +44 203 206 7000
Buchanan Communications (Financial PR)
Tim Thompson / Ben Romney / Chris McMahon +44 207 466 5000