Last checked at 4 Jul 2013 07:00
4 July 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 provide an operational update on its flagship BNG asset.
Well 143
As previously announced, Well 143 was spudded on 1 April 2013, on the MJ-F structure located towards the North of South Yelemes field at BNG. The total depth of the well was planned to be 2,500 metres.
This exploration initially targeted Jurassic Callovian sands at a depth of 2,170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935 metres.
As the middle Jurassic section is also expected to be within 4-way dip closure in the MJ-F structure as well as the upper Jurassic section, Roxi decided to drill continuously to 2,750 metres, 250 metres deeper than the original planned depth.
The well has reached the total depth of 2,750 meters and wireline logging has been run. Interpretation of these results has been encouraging with three intervals of interest identified at 2193, 2216 and 2692 metres.
One of these intervals at 2692 metres will be perforated before the rig is mobilized to spud Well 807, which is to be drilled to a depth of 2,500 meters targeting Jurassic Callovian sands and Cretaceous Valanginian limestone.
The remaining two intervals at Well 143 will be perforated and tested using a work-over rig. Subject to the outcome of these tests, 90 days testing is planned to commence later in the current year.
Comments:
Clive Carver, Chairman said
"We are pleased that Well 143 shows similar characteristics to Well 806, with at least three intervals of interest, which will be further tested in the coming months. This latest success at BNG strengthens further the board belief in the quality of this asset."
Enquiries
Roxi Petroleum PLC
Clive Carver, Chairman +7 727 3750 202
WH Ireland Limited
James Joyce / James Bavister +44 (0) 20 7220 1666
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.