Caspian Sunrise Regulatory News (CASP)

Roxi Petroleum Plc

Roxi Petroleum plc ("Roxi" or the "Company")

Reserve Update

Reserves Statement for the South Yelemes Fields' Post Salt Reservoirs, BNG Ltd LLP, Western Kazakhstan

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with news of a reserves update as at 31 December 2015 of BNG's South Yelemes fields. The reserves update covers the Company's shallow fields at its BNG asset and does not include its deeper prospects that are subject to drilling at its wells A5, A6 and 801.

This announcement has been posted to: www.roxipetroleum.com/roxi/en/investors

Reserves update

Gaffney, Cline & Associates ("GCA") has conducted an independent audit examination, as of 31 December, 2015, of the crude oil reserves of BNG's South Yelemes fields. On the basis of technical and other information made available to GCA concerning this property unit, GCA has provided the reserves statement in Table 1.

The South Yelemes fields consist of two independent hydrocarbon accumulations (southeast and northwest). The fields are currently in a pilot stage of production (post salt reservoirs only) and appraisal testing and are currently producing around 600 - 800 bopd.

Roxi has confirmed to GCA that the current obligations under the assessment licence have been fulfilled (due to expire in 2018) and a full 25-year production licence is expected to be awarded, running till 2043.

The reserve numbers provided below are predicated on the progression of the company's infill drilling programme.

Table 1

Notes:

1. Gross Field Reserves are 100% of the volumes estimated to be commercially recoverable from the field.

2. Net Entitlement Reserves are the Company's net economic entitlement

3. The Operator of the South Yelemes fields is BNG Energy LLP

Hydrocarbon liquid volumes represent crude oil, estimated to be recovered during field separation and are reported in millions of barrels in Table 1.

The BNG Licence Area (Block) is located in Western Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast.

The Licence Area surrounds two smaller areas that are not included in the geological allotment as they contain the West Yelemes, Tolkyn and Saztobe Fields, operated by third parties. The BNG Licence Area, with these exclusions, amounts to 1,561 km2 of which 1,376 km2 has 3D seismic coverage acquired in 2009 and 2010.

GCA performed a detailed audit of the data and assumption presented by Roxi and considers them reasonable for the estimation of reserves; this included reservoir depth structure maps, log data, core analysis, well tests, pilot production data and cash flow models.

Reserves Assessment

The GCA audit examination was based on reserves estimates and other information provided by Roxi to GCA, and included such tests, procedures and adjustments as were considered necessary. All questions that arose during the audit process were resolved to GCA's satisfaction.

The economic tests for the reserves volumes were based on the following assumptions:

• Export Oil Price: based on the Brent crude oil price forecast shown in the table below and further applying a discount of 10% for the differential in quality. In addition to the transportation costs (assumed as a part of operating costs), an additional tariff of US$5/Tonne (US$0.67/barrel) is applied to the export oil price.

· Domestic Oil Price: assumed to be US$48.7/Tonne (US$6.5/barrel) for the year 2016 and thereafter is calculated by dividing the export price by a factor of 6.6.

· Future capital costs were derived from development plans prepared by Roxi for the field. Recent historical operating expense data were used as the basis for operating cost projections. No impact of inflation has been assumed on the future costs. GCA has found that Roxi has projected sufficient capital investments and operating expenses to economically produce the projected volumes.

It is GCA's opinion that the estimates of reserves at 31st December, 2015 are, in the aggregate, reasonable and the reserves categorization is appropriate and consistent with the definitions for reserves in the Petroleum Resources Management System (PRMS), which was approved by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists and the Society of Petroleum Evaluation Engineers in March 2007.

GCA concludes that the methodologies employed by Roxi in the derivation of the reserves estimates are appropriate, and that the quality of the data relied upon and the depth and thoroughness of the reserves estimation process is adequate.

A Copy of the GCA report will shortly be available on the Company's website at www.roxipetroleum.com

Clive Carver, Executive Chairman said

"We are naturally delighted with the reserve update. We believe the results strongly indicate the current value of the Company is largely covered by just the reserves from the shallow wells drilled at South Yelemes.

We look forward to adding to these reserves with additional drilling at the shallow fields of South Yelemes and most importantly from our deep wells in the Ayrshagyl region.

These reserve numbers reinforce our belief that the BNG field has enormous potential, which we continue to work to exploit in the run up to licence renewal in June 2018. With the sharp decline in the costs of drilling and with revenue from our producing wells at domestic prices currently approaching $10 per barrel- significantly ahead of the price used in the economic model, Roxi is ideally placed to develop the BNG field to its full potential.

Comments:

Roxi Petroleum plc +7 727 375 0202

Clive Carver

Executive Chairman

WH Ireland, Nominated Adviser & Broker +44 (0) 207 220 1666

James Joyce

James Bavister

Abchurch +44 (0) 2017 398 7700

Tim Thompson / George Robinson / Rebecca Clube

+44 (0) 207 398 7700

Qualified Person

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

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