Caspian Sunrise Regulatory News (CASP)

14 Aug 2007 08:37

Roxi Petroleum Plc14 August 2007 Roxi Petroleum Operations update14 August 2007 Roxi Petroleum ("Roxi" or "The Company"), which was admitted to AIM in May thisyear, was created to acquire controlling interests in and develop oil and gasassets in Central Asia particularly focusing on Kazakhstan, is pleased toprovide the following update on its operations. Highlights • Completed the purchase of two of the three Contract Areas as stated at IPO: Ravninnoe and Beibars • Completed registration with all relevant regulatory bodies, in relation to the above transactions, taking control of the two companies Ravninnoe Oil LLP and Beibars Munai LLP • Expects to make a final decision on the acquisition of the third contract area, North Karamandybas within the next quarter • Identified and are evaluating six further potential asset acquisitions in Kazakhstan Ravninnoe Contract Area The Ravninnoe Contract Area covers 121 square kilometres and is locatedapproximately 100 kilometres north east of the Tengiz field in the South Embasub - basin of the pre - Caspian basin, in the Atyrau Oblast of West Kazakhstan. With the completion of the transaction, project evaluation and design work isnow underway for the re-entry of up to four existing wells on the field. Thedesign work is expected to be completed before the end of August. The Companyhas issued a tender for well workover and re-entry services. The contract shouldbe awarded in August, with the rig mobilisation to follow shortly. The Companyhas also issued a tender for seismic operations with several local providers. The Company continues to test well #8 with a specialised swabbing unit. Thiswell was re-entered prior to Roxi's listing. Beibars Contract Area This contract area covers approximately 167 square kilometres and is situated onthe coastline of the Caspian Sea approximately 40 kilometres south of the portof Aktau. Roxi continues its technical analysis of the Contract Area and has recentlyacquired additional historical data. This data will feed into a seismic surveyof the Area, which is currently being designed. A tender for this programme isbeing prepared for submission in the next month. North Karamandybas Contract Area This area covers approximately 7.2 square kilometres and is situated in theSouth Mangishlak Basin, Karakigansky Rayon of the Mangistau Oblast approximately120 km east of the port of Aktau. Progress is continuing to be made on the transaction. Roxi's commercial partnerhas been successful in the first two stages of legal action. The third and finalstage is ongoing. Roxi expects to make a final decision regarding the purchase in the near future. Future prospects As part of its stated strategy on admission to AIM, Roxi is looking foradditional attractive prospects and potential acquisitions. The Company hasbegun evaluating six additional prospects in Kazakhstan, and remains vigilantfor any further appropriate opportunities to grow its portfolio. Infrastructure In the 4th Quarter 2007, Roxi will move into a newly renovated office in Almaty.Roxi has strengthened the team, employing an experienced blend of both localand international professionals in the technical, legal and financial arenas whowill be pivotal to the Company's operational success going forward. Roxi will be announcing its maiden interim results for the half year ended 30June 2007 on Friday 7th September 2007. Rob Schoonbrood, Chief Executive Officer, said: "We have created a solid platform for further future growth. Our excitingstrategy of future acquisitions will drive the company forward, creating furthervalue for our shareholders After our successful launch , Roxi has made excellent progress. We aredelighted to have completed the Ravninnoe and Beibars transactions, and expectto make the final decision on our purchase of 50% of North Karamandybas shortly. We have continued to strengthen our team and infrastructure; whilstoperationally our forward programmes are being developed with tenders beingsubmitted to contactors to carry out the work." 14 August 2007 Enquiries: Roxi PetroleumRob Schoonbrood, CEO 020 3159 5315 UK / 7 727 278 1022 KZDavid Barker, COO 020 3159 5315 UK / 7 727 278 1022 KZ College HillPaddy Blewer 020 7457 2020Nick Elwes 020 7457 2020 WH IrelandJames Joyce 020 7220 1666David Porter Notes to Editors: Roxi Petroleum Roxi was created to acquire controlling interests in and develop oil and gasassets in Central Asia, with a focus on Kazakhstan. The initial strategy willbe to target projects which have oil discoveries and exhibit a potential forconsiderable development and / or exploration upside. This strategy will allowthe Company to rapidly add value to its projects by upgrading reserves levelsand planning for the earliest possible production date. The Company's senior management team has significant experience in the regionand industry having worked across a diversified number of countries and climatesincluding Kazakhstan, the Middle East, Europe, the former Soviet Union, Russia,Africa, and the United States with major oil companies including Royal DutchShell, BP, Mobil, and a variety of joint venture operations. This information is provided by RNS The company news service from the London Stock Exchange