Roxi Petroleum making “excellent progress” across portfolio
03 February 2010
Roxi Petroleum, the Kazakhstan focused exploration and production company, today reported that oil shows had been encountered whilst drilling the NK22 well on the Galaz contract area of the NW Konys Field.
Drilling got underway at Galaz last November but progress has been slower than anticipated in order to ensure the best quality borehole for testing and evaluation at no extra cost to Roxi. The company acquired a 50.15% interest in the contract holder, Galaz LLP, back in February 2008.
NK22 is now drilling ahead at 2550m in the Middle Jurassic having encountered shows in the Arskum and Upper Jurassic sandstones. A Pilot Production Project has been submitted for approval on NW Konys’ C1 reserves of 7.3 million barrels. The results of that application are expected before the end of April 2010.
The latest news comes as Roxi continues to drive its short term strategy of focusing on existing assets to secure early production and prove up reserves as well as build successful partnerships from its recent farm-outs. In the interim, it has secured an additional $3 million from Arawak Energy, part of the Vitol group, by way of a convertible loan repayable by March 31, 2010, which, if not repaid could see Arawak take a 4.34% stake in Roxi.
In today’s update, Roxi said it was making excellent progress across its portfolio and had mobilised a workover rig to complete logging and well testing on Well 20 on the Ravninnoe contract area, which has now reached total depth of 3455 meters
It is also preparing to perforate well 54 on the BNG contract area of the Ayrshagyl field and has mobilised a rig to drill two wells on the South Yelemens field.
Plans to sell the small rehabilitation project at Munaily have been shelved because of a default by the purchasers and there are now plans to apply for pilot production to rehabilitate the field in 2010. Likewise, work has restarted on evaluating 3D seismic data on the Beibars exploration contract ahead of an expected lifting of a Force Majeure on the contract area.
Finally, Roxi has also appointed Edmund Pery, Earl of Limerick, as a non-executive director and Hyunsik Jang as chief operating officer.
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