Roxi Petroleum Plc Operational Update (7174U)

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RNS Number : 7174U

Roxi Petroleum Plc

11 April 2016

Roxi Petroleum PLC

("Roxi" or the "Company")

Operational Update

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

Shallow Wells

Recent activity at our shallow wells has been focused on Well 143, which is currently producing at the rate of 623 bopd through a 5mm choke. Later this week a 6mm choke will be tested.

Total production from our shallow wells is running at the rate of 865 bopd (510 bopd net to Roxi).

Deep Wells

Deep Well A6

Deep Well A6 was spudded in early November 2015 and is to be drilled to a planned total depth of 5,000 meters.

Following a pause to set casing to a depth of 3,727 meters and the installation of high pressure blowout preventers drilling has resumed and has reached a depth of 3,835 meters.

Based on our interpretation of seismic surveys and the experience from the two previous deep wells we expect to reach a potentially oil bearing zone after a further 300 meters.

Deep Well A5

Deep Well A5 was drilled to a depth of 4,442 meters, and for brief periods of up to two hours at a time the well flowed oil at the rate of 2,000 bopd before becoming blocked by the accumulation of unrecovered heavy drilling fluids becoming set in the oil pipe.

The rig initially identified for testing was used on other activities but is now back on site for a new attempt to clear the blocked well using coil tubing equipment.

Deep Well 801

As previously reported Deep Well 801, which was drilled to a depth of 5,050 meters, has suffered from blockages caused by excess drilling fluids.

Following extensive chemical cleaning the pressure in the well has grown to 240 bar. Our intention is to open the well for testing once the pressure reaches 300 bar.

Comment

Clive Carver, Chairman said

"We remain pleased with the progress at our shallow wells and continue to work to allow the commencement of testing of the two completed deep wells A5 and 801.

At Deep Well A6 we look forward to the findings from the drilling of the potentially oil bearing section.

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.

Enquiries

Roxi Petroleum PLC

Clive Carver, Chairman [phone]

WH Ireland plc

   James Joyce / James Bavister                                              [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 11, 2016 02:00 ET (06:00 GMT)