Caspian Sunrise Regulatory News (CASP)

14 Jan 2010 12:00



Roxi Petroleum plc

Ravninnoe Update

Highlights:

Ravninnoe Well 20 drilled to 3455m, encountering hydrocarbons

Wireline logs confirmed a gross 30m hydrocarbon column 

Testing planned in February 

Roxi Petroleum plc ("Roxi" or the "Company") announces that Ravninnoe Well 20 (Roxi interest 30%) reached a total depth of 3455m, after encountering hydrocarbon shows while drilling and coring the pre-salt Carboniferous section. Wireline logs confirm the presence of a gross hydrocarbon column of approximately 30m, with higher than expected pressure. Ravninnoe Oil LLP ("Ravninnoe") has released Parker Rig 247 and plans to mobilise a work-over rig immediately to test multiple reservoir intervals.

The Ravninnoe Field was discovered in the 1980's when 12 wells were drilled on and around the structure, but failed to establish commercial reserves.  Subsequently, Ravninnoe has acquired 3D seismic and re-entered the old wells, which were found to be too severely damaged to test. Roxi announced the farm-out and sale to Canamens (32.5%) in August 2008. The deal was eventually closed in June 2009, following which Ravninnoe started the drilling programme and the acquisition of high quality core, log and test data.

David Wilkes, CEO commented:

"I am delighted that we, with our partners, have completed the successful drilling of well 20. The information which we have acquired will allow us to reveal the potential of the Ravninnoe accumulation and if determined to be commercial, bring the field into production."

Qualified Person 

Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow of 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. 

14 January 2010

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