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23 Jan 2012 07:01
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For immediate release
23 January 2012
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Roxi Petroleum plc
("Roxi" or the "Company")
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NW Konys Commences Pilot Production
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Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce the commencement of pilot production from the NW Konys field in the Galaz Contract Area, in the Kyzylorda Oblast Western Kazakhstan, on 19 January 2012.
The Company successfully drilled six new wells on the NW Konys field in 2008/9 and re-entered one old well drilled in the 1990s. The wells were tested and shut-in pending application and receipt of final regulatory approvals, which were received in December 2011.
Well NK-6 re-commenced production from NW Konys on 19 January 2012, achieving a rate of approximately 225 barrels of oil per day ("bopd"). The oil is a saturated, low sulphur crude, with a density of 37-39o API, and wax content varying between 12% and 29%. Production is currently being transported by road to neighboring operating company KuatAmlonMunai (KAM) for sale on the domestic market.
The Company, together with its farm-in partner LG International, now plans to re-commence production from another of its previously drilled wells, well NK-4 as well as testing multiple intervals in well NK-9, before moving to test well NK-10, both of which were recently successfully drilled to a depth of 1500 metres.
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David Wilkes, CEO commented
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"Pilot production at NW Konys represents a significant milestone for Roxi, and is the first of three fields we plan to bring into production in 2012.
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We now look forward to enhancing production levels from the NW Konys field, starting first with well NK-4 and thereafter from further appraisal wells as they are completed throughout 2012.
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I would like to thank our partners LG International, who have successfully navigated this asset through to production, since they became operators of Galaz in 2010."
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Enquiries
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Roxi Petroleum plc David Wilkes CEO | +7 727 244 0920 |
Strand Hanson Limited Andrew Emmott / Cordelia Orr-Ewing | +44 (0) 20 7409 3494 |
Renaissance Capital Limited John Porter / James Etherington | +44 (0) 20 7367 8242 |
Buchanan (Financial PR) Tim Thompson / Ben Romney / Helen Chan | +44 (0) 20 7466 5000 |
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Qualified Person
Mr. Hyunsik Jang, Chief OperatingOfficer ofthe 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.
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