Roxi Petroleum Plc Appointment of GCA to update technical estimates (0842N)
27 January 2016 - 6:00PM
UK Regulatory
TIDMRXP
RNS Number : 0842N
Roxi Petroleum Plc
27 January 2016
Roxi Petroleum PLC
("Roxi" or the "Company")
Appointment of Gaffney, Cline & Associates
to update technical estimates at BNG
Roxi, the Central Asian oil and gas company with a focus on
Kazakhstan, is pleased to update the market with the announcement
that Gaffney, Cline & Associates ("GCA") has been retained to
evaluate Roxi's flagship BNG asset.
Previous estimation work
GCA were first formally appointed to undertake an independent
audit of the prospects identified by the Company in January 2011,
based on the Company's acquisition in 2009 and 2010 of 1,500 square
kilometers 3D seismic data.
They reported a large portfolio of 34 prospects with best
estimate Prospective Resources varying from 1 to 82 MMBbl and
chance of success varying from 7% to 85% along with 13 Leads. Roxi
Management has aggregated these Best estimates to provide a
combined, unrisked, gross resource potential of c. 900 million
barrels.
Since that date significant work has been undertaken at both the
Company's shallow and deep prospects.
Timing
GCA will first consider the portion of the BNG Contract Area
covered by our shallow drilling, from which production capacity
under test conditions is currently running at the rate of 1,065
bopd (622 net to Roxi).
Roxi expects to have the output of this work in Q2 2016.
Following completion of well tests in Deep Wells A5, 801 and
when completed A6, GCA will also consider the portion of the BNG
Contract Area addressed by our deep drilling.
The timing on the output of this report will depend on the
timing of the three well tests referred to above.
Ends.
Comments:
Clive Carver, Chairman said
"The appointment of Gaffney, Cline & Associates to revisit
their estimates based on the Company's drilling activities since
2011 is another step on the path to demonstrating the potential of
the field. We look forward with interest to the output of their
work."
Enquiries:
Roxi Petroleum PLC
Clive Carver, Chairman +7 727 375 0202
WH Ireland Ltd
James Joyce / James Bavister +44 (0) 207 220 1666
This information is provided by RNS
The company news service from the London Stock Exchange
END
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