Last checked at 9 May 2013 07:00
For immediate release 9 May 2013
Roxi Petroleum plc
("Roxi" or "the Company")
Operational update
Further to the announcement of 22 April 2013, Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with new 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
As previously announced Well 806 is being tested at three different intervals. The first level between 2022 and 2032 metres was tested for a period of 6 days during which the natural flow rate averaged some 90 bopd.
Testing has now moved to the second interval between 1998 and 2015 metres where the well has been perforated and is currently being swabbed. It is planned that after several days of continuous testing there the third level between 1985 and 1994 metres will be similarly tested.
Once it is clear which interval is the most promising, Roxi plans to conduct a full 90-day test at the chosen interval.
As the test results are interpreted, Roxi will update the market accordingly in due course.
Comments
Clive Carver, Chairman commented:
"We are delighted that the first interval tested has flowed naturally and at commercial levels. We look forward to similar success at the other levels."
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
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.