Roxi Petroleum publishes upgraded reserves for Galaz Contract Area
01 December 2009
Roxi Petroleum has reported that its subsidiary, Galaz, which operates the North West Konys Field in the Kyzylorda Oblast, Kazakhstan, has received Government approval for a re-determination of the reserves there.
The State Geological Committee of Kazakhstan has approved an update of the total GOST reserves on the Galaz Contract Area to 14.6 million barrels, comprising 7.2 million barrels in the C1 category and 7.4 million barrels in the C2 category
The previously reported C1 reserves were zero and C2 reserves were 12.6 million, meaning that the C1 and C2 reserves have increased by approximately 16%.
GOST is a regional set of standards used by countries in the Commonwealth of Independent States (CIS).
Galaz is now planning to submit for approval from the State Authorities, development plans for Pilot Production of the C1 reserves. The company is also undertaking a determination of proven, probable, and possible reserves under SPE standards in compliance with AIM regulations.
Separately, exploration well NK22 was spudded by KazRosMunai on November 24, , approximately six kilometres from the North West Konys Field. The well is drilling the 295mm section of the well prior to setting intermediate casing at 950m. The well is targeted to test Arskum and Upper Jurassic sands at a predicted depth 2,200m.
Roxi has an indirect participating interest in Galaz of 43.4%.
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