Last checked at 22 Apr 2013 07:00
For immediate release 22 April 2013
Roxi Petroleum plc
("Roxi" or "the Company")
Operational update
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with interim results from the testing of Well 806, at its flagship BNG asset.
Background
Roxi has three wells at South Yelemes. Well 54 is a Soviet era well that was re-entered in 2010 and Wells 805 and 806 were drilled in 2010. Testing of these wells was delayed pending changing farm-in partners.
Following the $40 million equity commitment secured in January 2013 Roxi decided to test these wells. On 18 February 2013, Well 54 produced at a daily rate of 219 bopd with a 2mm choke. On 14 February 2013, Well 805 produced at a daily rate of 120 bopd using a sucker rod pump.
Well 806
Well 806 is being tested at three different intervals and is therefore significantly more complex and has taken longer than initially expected.
The Board is pleased however to report that oil has been indicated in the first interval being tested between 2022 and 2032 metres. A reliable figure for anticipated daily production from this interval should be known in the next few weeks.
Once testing of the first interval has been completed the second interval between 1998 and 2015 metres will be tested. Following the completion of that test the interval between 1985 and 1994 metres will be tested.
The sequential nature of these tests may mean that the full test results for the three intervals at Well 806 is not likely to be known before the end of May 2013. Roxi will update the market accordingly in due course.
Comments
Clive Carver, Chairman commented:
"We are pleased to have commenced testing at Well 806 and early oil indications from the first interval is positive for the Company."
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 / Tom Hufton +44 (0) 20 7466 5000
www.buchanan.uk.com
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.