Caspian Sunrise Regulatory News (CASP)

30 Oct 2009 08:32



30 October 2009

Roxi Petroleum plc

("Roxi" or the "Company")

Operations update, Ravninnoe Oil Spuds Well 20

Roxi announces the spudding of well number 20 on the Ravninnoe Contract Area in Western Kazakhstan, on 30 October 2009. The well is being drilled by Ravninnoe Oil LLP ("Ravninnoe") (in which Roxi has a 30% interest), and is the first well drilled following Canamens farm-in announced in November 2008. 

The access road from the nearby town of Opornya and the well site were completed by the end of August, and Parker Drilling Rig 247 was mobilised on 1 September 2009. The rig up and completion of the camp was accepted by Ravninnoe on the 29th October 2009.

The Ravninnoe field was discovered in the 1980's and has up to 57 mmbbls of oil in place, but reported reserves of only 3.7 mmbbls proven + probable + possible. This is an important well, the first to be drilled on the Ravninnoe field since the 1980's, and is designed to acquire sufficient information about the reservoir architecture, quality and productivity to enable the development of the Field to proceed. The well will be drilled near the centre of the Ravninnoe structure, offset from well number 8, which encountered hydrocarbons in the high pressure Permo-Carboniferous section between 3200m and 3300m. 

Qualified Person 

Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow in the Geological Society, London, has reviewed and approved the technical disclosure in this announcement. He holds a BSc in Geology and has 25 years international experience of exploration, appraisal, and development of oilfields in a variety of environments. 

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