Last checked at 11 Aug 2014 07:00
11 August 2014
Roxi Petroleum plc
("Roxi" or "the Company")
Further update on discovery at BNG
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of the deep discovery at its flagship BNG asset.
Background
The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010.
Roxi has a 58.41 per cent interest in the BNG Contract Area.
Deep Well A5
Well A5, the first deep well on the BNG Contract Area, with a planned Total Depth of 4,700 meters is targeting principally the middle Carboniferous formation at 4,390 meters of the South Emba sub-basin.
As announced on 5 August 2014, oil and gas shows were detected at a depth of 4,332 meters over the full 12 meters core taken.
Roxi is pleased to announce a further core of 18 meters has been successfully taken between 4,347 and 4,365 meters, of which 5.62 meters was recovered. Initial examinations of this core confirmed it to be grey limestone, microcrystalline, dolomitic, fissured, vuggy and oil saturated over its full length.
This makes the aggregate thickness of the gross oil-bearing interval at least 33 meters.
As previously stated Roxi intends to continue core sampling until the oil shows disappear. The Company is now working on taking a third core sample between depths of 4,365 and 4,383 meters.
The flow rate of the well will be assessed once the core sampling is complete.
Further announcements will be made in due course.
Comment
Clive Carver, Chairman commented
"With the gross oil bearing interval now at least 33 meters we continue remain excited by the potential of the deep horizons at the BNG Contract Area and look forward to establishing the full extent of this discovery."
Enquiries
Roxi Petroleum PLC
Clive Carver, Chairman +7 727 244 0920
WH Ireland plc
James Joyce / James Bavister +44 (0) 20 7220 1666
Qualified Person
Mr. Nurlybek Ospanov, Roxi's senior geologist who is a member of the Society of Petroleum Engineers ("SPE"), has reviewed and approved the technical disclosures in this announcement.