Roxi Petroleum Says New Well Spudded At Bng In Kazakhstan

Kazakhstan-focused Oilfield Developer Caspian Sunrise May Have Discovered Third Shallow Oil Structure

LONDON (Alliance News) – Roxi Petroleum PLC on Tuesday reported the spudding of a new well at its BNG Contract Area in the west of Kazakhstan, in which it has a 58.41% stake.

Roxi said new well 808 has been spudded on a potentially new structure north of the South Yelemes portion of the BNG contract area. This well is expected to take two months to drill, and is planned for a total depth of 2,750 meters at a cost of USD2.5 million.

At Well 142 in the MJF structure, which Roxi said is to date “the most promising of the shallow areas of interest at BNG”, an interval between 2,201 meters and 2,208 meters has been perforated and from which the well is testing at rates between 215 and 290 barrels of oil per day.

This well is a material step out well, which means it has the potential to confirm “significantly larger scale for the MJF structure”.

As the interval perforated is in the same horizon as those producing at previously drilled wells 141 and 143, Roxi therefore believes the structure at MJF extends to an around of approximately 10 kilometres squared.

“These results from 142 and previously from 141 are exactly as the company had hoped for. At an appropriate juncture these results will be passed onto Gaffney Cline so that they may review their reserves estimate attributable to the MJF structure,” said Executive Chairman Clive Carver in a statement.

Shares in Roxi Petroleum were up 7.4% at 10.74 pence Tuesday.