Caspian Sunrise Regulatory News (CASP)

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 operational progress at its BNG and Galaz assets.

BNG

The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010. Roxi resumed full operational control of BNG Ltd LLP in 2011.

Deep well

Drilling at Roxi first deep well A5 has reached a depth of 3,892 meters.

The Total Depth of the well is 4,750 meters. From 3,600 meters drilling has been through alternative layers of clay and salt. The salt layer proper commenced around the 3,800 meter level and continues for some 250 meters. Below the salt layer we expect to find a gas cap and beyond that we will enter our target source rock.

Provided it is not affected by water we would expect to drill through to the bottom of the salt layer in the next two weeks and to reach total depth by the end of April when following the installation of casing testing would commence.

Shallow wells

We continue to enjoy success with our shallow wells at BNG. Wells 805, 54 and 807 are producing at an aggregate rate of 450 bopd (262 bopd net to Roxi). Well 806 has been completed and is moving directly to long term testing at three separate intervals in the next few days.

At Well 143 testing has commenced after five levels were perforated. Should Well 143 test positively Roxi believes the area from which oil can be produced from these horizons would be materially extended.

Galaz

The Galaz block is located in the Kyzylorda Oblast in central Kazakhstan. The Contract Area was extended on 10 January 2011 to 179 square kilometres and now includes significant exploration upside on the east side of the Karatau fault system, as well as the NW Konys development.

Existing production

Wells NK-3, NK-5, NK-7 and NK-8 continue to produce at the rate of 1,080 bopd (371 net to Roxi)

Work continues to bring Well NK-12 back into production. NK-14 has reached its total depth of 1,501 meters without incident and has been perforated at three separate intervals. The lower and middle levels have tested for water. The result of testing on the upper interval is expected to be known in the next week or so.

Well NK24 has been spudded and has reached its total depth of 1,600 meters without incident. The well is targeting targeting Jurassic and Cretaceous reservoirs and the plan is to test two intervals before the end of April.

Comments

Clive Carver, Chairman commented

"We continue to be pleased with the results from our shallow wells at both BNG and Galaz. The wait for news of the outcome of the deep drilling at BNG will not now be long and we hope the results will provide a major boost for the Company."

Enquiries

Roxi Petroleum PLC

Clive Carver, Chairman +44 (0) 20 7220 1666

WH Ireland plc

James Joyce / James Bavister +44 (0) 20 7220 1666

Qualified Person

Mr. Nurlybek Ospanov, Roxi's senior geologist who is a member of the Society of Petroleum Engineers, has reviewed and approved the technical disclosures in this announcement.