Roxi Petroleum Plc Operational Update (6704N)
October 28 2016 - 1:00AM
UK Regulatory
TIDMRXP
RNS Number : 6704N
Roxi Petroleum Plc
28 October 2016
Roxi Petroleum Plc
("Roxi" or the "Company")
Operational update
Roxi, the Central Asian oil and gas company, with a focus on
Kazakhstan, is delighted to update the market with news of its BNG
operations.
Introduction
Roxi is pleased to update the market with news of Deep Well A6
and Shallow well 142.
Background
Roxi has a 58.41% interest in the BNG Contract Area, which 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.
In January 2016, Roxi announced that the area of the Contract
Area was extended with the addition of 140.6 square kilometres to
the north-east of the current block. The extended BNG Contract Area
now covers 1,702 square kilometers.
The block has both shallow and deep areas of interest.
Deep Well A6
Deep Well A6 was spudded in November 2015, targeting the same
structure as Deep Well A5 in the Middle and Lower Carboniferous,
and reached a revised Total Depth of 4,528 meters in October
2016.
From the analysis of wireline logging , gross oil-bearing
intervals totalling 127 meters have been identified. These are in
two intervals, the first of 72 meters between depths of 4,313
meters and 4,385 meters. The second is of 55 meters between depths
of 4,450 and 4,505 meters. Further analysis will be conducted to
determine the portion of these intervals that are capable of
producing commercial volumes of oil ( net pay ).
We now plan to complete the well by cementing a 5-inch liner to
the Total Depth of the well.
Following this we intend to perforate the interval between 4,450
- 4,505 meters to allow a 90 day flow test to commence without
delay.
Shallow Wells
Roxi is interested in two shallow regions of the BNG block, (1)
Yelemes, which include producing wells 54, 805, 806 & 807 and
(2) MJF structure, which include producing well 143 and now
producing Well 141.
To date Roxi has drilled 5 shallow wells to typical depths of
2,500 meters. In aggregate the wells have produced up to 1,100 bopd
(642 bopd net to Roxi) on test and all of the wells are considered
to be commercially successful.
MJF structure
Well 142
Since our last update on 19 October 2016, Shallow Well 142 has
been spudded and drilling has reached a depth at a depth of 600
meters without incident.
Well 142, is on the MJF structure some 1,600 meters to the
north-east of Well 143. This well is being drilled on a turn-key
basis for $1.25 million to a Total Depth of 2,500 meters.
The principal reason for drilling Wells 141 and 142 is to seek
to prove the extent of the MJF structure.
Clive Carver, Executive Chairman said
We are naturally delighted with the news from deep Well A6. The
oil-bearing intervals identified there are larger than those
previously identified at Deep Wells A5, which is believed to be in
the same structure, and at Deep Well 801.
We now plan to move to the all important 90 day flow test
without delay.
Comments:
Roxi Petroleum plc +7 727 375 0202
Clive Carver
Executive Chairman
WH Ireland, Nominated Adviser & Broker +44 (0) 207 220 1666
James Joyce
James Bavister
Abchurch +44 (0) 2017 398 7700
Tim Thompson / George Robinson / Rebecca Clube
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 announcement has been posted to:
www.roxipetroleum.com/roxi/en/investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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