Last checked at 5 Dec 2012 07:00
For immediate release 5 December 2012
Roxi Petroleum plc
("Roxi" or "the Company")
First Production From Munaily
Roxi Petroleum plc, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce that production at the Munaily field from Well H1 has commenced at a rate of 125 bopd as of 2 December2012.
The Munaily field is located in the Atyrau Oblast approximately 70 kilometres southeast of the town of Kulsary. The field was discovered in the 1940s and produced from 12 reservoirs in the Cretaceous through to the Triassic; Roxi acquired a 58.41 per cent interest of the 0.67 square kilometre rehabilitation block in 2008.
Munaily has a 15 year full production license, which allows production to be sold at international prices. There are estimated to be 1.2 million barrels of bypassed reserves at Munaily.
An agreement has been signed to sell production from Well H1 at domestic prices with the proceeds being used to fund the development of an additional two wells. Once these wells are in production the Company will look to enter into a off-take agreement at international prices.
Comments
Clive Carver, Chairman, commented:
"We are delighted to have brought a second field into production. Taken together with the production at Galaz, Roxi's gross production now exceeds 900 bopd with 340 bopd net to Roxi."
Enquiries
Roxi Petroleum PLC c/o Buchanan
Clive Carver, Chairman +44 (0) 20 7466 5000
WH Ireland plc
James Joyce / James Bavister +44 (0) 20 7220 1666
Buchanan (financial PR)
Tim Thompson / Helen Chan / Tom Hufton +44 (0) 20 7466 5000
Qualified Person
Mr. Hyunsik Jang, Chief Operating Officer of the Company, has reviewed and approved the technical disclosures in this announcement. He holds a BSc in Geology and has 25 years of international experience of exploration, appraisal and development of oilfields in a variety of environments.