Last checked at 11 Apr 2012 07:00
For Immediate Release | 11 April 2012 |
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 operations on its Galaz Contract Area.
Galaz
Well NK-10, which was drilled in November and December 2011, was tested by our partners LGI between 1 April and 9 April 2012, at depths between 1288 and 1298 meters.
The tests have revealed high water content with only minor gas and oil film shows. Accordingly, no further tests are planned for NK-10 and accordingly NK-10 will now be plugged and abandoned.
Exploration and appraisal work on NW Konys will continue with production from the Galaz Contract Area currently running at the rate of 160 bopd.
David Wilkes, CEO commented
"The test results from NK-10, while disappointing, provide very useful information on the boundaries of the reservoir encountered, together with the results of tests in March 2012 on Well NK-9."
Enquiries
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 |
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.