Caspian Sunrise Regulatory News (CASP)

Roxi Petroleum PLC

("Roxi" or the "Company")

Update on operations at BNG

Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to further update the market with news of progress at its flagship BNG asset.

BNG Operational Update

The BNG Contract Area is located in the west of Kazakhstan, 40 kilometers southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometers, of which 1,376 square kilometers has 3D seismic coverage acquired in 2009 and 2010. 

Roxi has a 58.41 per cent interest in the BNG Contract Area.

Deep Wells

Deep Well A5

As previously announced the high well pressure has resulted in a blockage in the drill pipes and the drill pipes becoming stuck at a depth of 3,517 meters. This has prevented the commencement of a 30-day flow test. Also as previously announced at the bottom of the well remains a stuck pipe, which Roxi plans to recover.

Following previously unsuccessful attempts to remove the blockage in the drill pipes Roxi is now working to clear the blockage by retrieving the entire drill string.

Of the 46 lengths of drill pipe trapped on 4 April 2015, to date 26 have been removed from the well using the specialist equipment. Each link is 9 meters in length. Work continues to free the remaining 20 lengths of drill pipe in the well.

Once this has been accomplished the 30-day well test is set to commence.

Deep Well 801

Deep Well 801, which was spudded on 15 December 2014, is to be drilled to a total depth of 4,950 meters targeting the Lower Carboniferous. Sinopec, the Chinese multinational, is drilling the well for a fixed cost of $11 million USD.

The well is located approximately 8 kilometers from Deep Well A5 and is targeting the Lower Carboniferous previously thought to be in same structure as Deep Well A5.

Roxi is pleased to announce that drilling at Deep Well 801 has now reached a depth of 4,649 meters and is drilling in the Lower Permian.

An analysis of the drilling fluids at a depth of 4,644 meters revealed traces of gas condensate, which is an indicator of oil-bearing formation. Accordingly a core sample is being taken at a depth of between 4,646 and 4,664 meters to assess to the extent, if any, of indications of oil bearing rock at this interval.

Further announcements will be made in due course

Comment:

Clive Carver, Chairman said

"Although slow it appears we have found a way to deal with the blockage at Deep Well A5.

Once the core sample has been taken and analysed at Deep Well 801 we will have a better understanding of the potential of this well."

Enquiries:

Roxi Petroleum PLC Clive Carver, Chairman

+7 727 375 0202

WH Ireland Ltd James Joyce / James Bavister

+44 (0) 207 220 1666

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.