TIDMRXP
RNS Number : 4527P
Roxi Petroleum Plc
19 August 2014
For immediate release 19 August 2014
Roxi Petroleum plc ("Roxi" or "the Company")
Further update on the Deep Discovery at BNG, Well 143 and Well
NK-31
Roxi, the Central Asian oil and gas company with a focus on
Kazakhstan, is pleased to further update the market with news of
the deep discovery at its flagship BNG asset together with progress
at its BNG shallow Well 143 and at Well NK-31 at its Galaz Contract
Area.
Background
The BNG Contract Area is located in the west of Kazakhstan 40
kilometres southeast of Tengiz on the edge of the Mangistau Oblast,
covering an area of 1,561 square kilometres of which 1,376 square
kilometres has 3D seismic coverage acquired in 2009 and 2010.
Roxi has a 58.41 per cent interest in the BNG Contract Area.
Deep Well A5
Well A5, the first deep well on the BNG Contract Area, with a
planned Total Depth of 4,700. meters.
On 5 August 2014 it was announced that oil and gas shows had
been detected at a depth of 4,332 meters over the full 12 meters
core taken. On 11 August, following a second core sample, it was
announced that the oil bearing interval was at least 33 meters.
Roxi is pleased to announce a third core sample of 18 meters has
been successfully taken at a depth between 4,365 and 4,383 meters,
of which 1.6 meters was recovered. This shows the aggregate
thickness of the gross oil-bearing interval extends to at least 51
meters.
Roxi now intends to determine the full extent of the oil-bearing
interval by drilling and logging rather than taking additional core
samples. Once this has been completed and after delivery of
additional equipment Roxi intends to put Well A5 on flow test.
Further announcements on the progress of this well will be made
in due course.
Shallow wells
BNG's shallow wells are located in the Yelemes portion of the
BNG block. They extend over an area of 800 sq. km. and are focused
on proving the extent of a number of promising horizons, in
particular in the Cretaceous Valanginian.
Well 143
Well 143, which was the first of the shallow wells for 2013, was
spudded on 1 April 2013, on the MJ-F structure located towards the
North of South Yelemes field at BNG. The well was drilled to a
total depth of 2,750 meters. This exploration initially targeted
Jurassic Callovian sands at a depth of 2,170 meters with a
secondary objective in the Cretaceous Valanginian limestone at a
depth of 1,935 meters.
The well is now being swabbed before testing commences on the
intervals of interest.
Should Well 143 test positively Roxi believes it could
significantly extend the horizon already being produced from by
Wells 805 and 54.
Galaz
Roxi is also pleased to provide an update to progress at Well
NK-31 on its Galaz Contract Area.
Background
The Galaz block is located in the Kyzylorda Oblast in central
Kazakhstan. The Contract Area was extended on 10 January 2011 to
179 square kilometres and now includes significant exploration
upside on the east side of the Karatau fault system, as well as the
NW Konys development.
The operator is LGI, the Korean multi-national, which invested
US$34.4 million by way of loans into the project and paid a further
US$15.6 million in return for 40 per cent of the asset. A total of
30 square kilometres 3D seismic has been acquired and
processed.
Roxi has a 34.44 per cent interest in the Galaz Contract
Area.
Well NK-31
Well NK-31, which is targeting the Middle Jurassic on the main
Contract Area, has now been drilled to a total depth of 2,642
meters and casing has been set to its full length.
As previously announced core samples taken between 2,070 and
2,079 meters in the Karagansaisky horizon contain an interlayering
of argillite and conglomerates.
Also as previously announced high gas shows were detected when
drilling at the depth of 2,283 meters (Doshan Suite). Core samples
were taken between 2,283 and 2,292 meters and preliminary, analysis
showed the core consists of sandstones.
Work is now under way preparing the well for logging to
determine which intervals to perforate for further testing.
Comment
Clive Carver, Chairman commented
"At more than 51 meters the gross oil-bearing interval at BNG
Well A5 now exceeds our initial expectations. We remain excited by
the potential of the deep horizons at the BNG Contract Area and
look forward to the results of the flow test."
Enquiries
RoxiPetroleum PLC
Clive Carver, Chairman +7 727 244 0920
WH Ireland plc
James Joyce / James Bavister +44 (0) 20 7220 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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