Last checked at 1 Sep 2014 07:00
1 September 2014
Roxi Petroleum plc
("Roxi" or "the Company")
Further update on the Deep 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
On 19 August 2014 Roxi announced that the thickness of the gross oil-bearing interval commencing at 4,332 meters was at least 51 meters and that Roxi would continue to determine the full extent of the interval by drilling and logging rather than taking additional core samples.
Roxi is pleased to announce that based on additional drilling and mud logging conducted since 19 August 2014 the thickness of the gross oil-bearing interval is now at least 105 meters, between 4,332 meters and 4,437 meters.
For safety reasons related to different pressure and temperature conditions at lower depths Roxi has decided to complete the well at 4,442 meters. Once the well has been completed after running and setting 114 mm liner flow testing will commence.
Roxi's next deep well, A6, is planned to allow targeting of levels below 4,437 meters.
Further announcements on the progress of A5 will be made in due course.
Comment
Clive Carver, Chairman commented
"The 105 meters gross interval is an excellent outcome. How far further the interval extends will be for another time to determine.
More than ever we look forward to the results of the flow test."
Enquiries
RoxiPetroleum PLC Clive Carver, Chairman +7 727 375 0202
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.