Last checked at 18 Jun 2010 07:00
Immediate Release 18 June 2010
Roxi Petroleum ("Roxi" or "the Company")
Reserves Upgrade and Operations update
Roxi Petroleum ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following reserves update following its first reserve report:
·; Galaz - NW Konys field
o Gross total 1P reserves of 2.4 million barrels
o Gross total 2P reserves of 7.5 million barrels
o Gross total 3P of 10.9 million barrels
·; BNG
o Well 805 logged
o Rig moving to well 806
Galaz
Roxi is pleased to announce that the estimates for total gross proved ("1P") recoverable oil reserves on the NW Konys field of 2.4 million barrels. The estimates for total proved plus probable ("2P") recoverable oil reserves on the NW Konys field is 7.5 million barrels. The estimates for total proved plus probable plus possible ("3P") recoverable oil reserves on the NW Konys field is 10.9 million barrels.
Subject to receiving state authority approval for the sale of 40% interest to LGI (announced on 29 April 2010), and after royalties, the Company's net recoverable reserves estimated are:
- 0.8 million barrels proven reserves
- 2.4 million barrels proven plus probable
- 3.5 million barrels proven plus probable plus possible
The updated reserves report for Roxi Petroleum plc was completed by McDaniel and Associates effective as of 31 March 2010.
BNG
The Company announces that well 805 has been drilled to a total depth of 2505m, on the South Yelemes structure. The Company is currently evaluating logs and cores and preparing to test two hydrocarbon zones with a work-over rig in August. The drilling rig will move directly to the next well on South Yelemes, well 806, to appraise potential reservoirs in the Cretaceous and Jurassic succession.
David Wilkes CEO commented:
"This represents the first of regular reserves upgrades to be completed by the company across its core assets, as our activity increases in 2010. This is a positive step and the various upgrades will give greater clarity to the quality of our asset base as Roxi, together with its partners, continues to develop its core assets."
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
Enquiries
Roxi Petroleum plc
David Wilkes CEO +7 727 244 0920
Matrix Corporate Capital LLP (NOMAD and broker)
Alastair Stratton / Anu Tayal +44 203 206 7000
Buchanan Communications (Financial PR)
Tim Thompson / Ben Romney / Chris McMahon +44 207 466 5000