As expected, the Roxi Petroleum general meeting to approve the transaction to fund the exploration and appraisal of the BNG block went ahead today, and the resolution was duly passed.

There were some interesting questions after the formal part of the meeting, and the discussion is reported below.

1) Attendees. The meeting was sparsely attended: your author, someone from Arawak and four others, although a fifth other person did arrive part way through. I think I recall the chairman saying ony 2 people were entitled to vote and one of those was me; however he was holding about 150m proxies in favour of the transaction. All the directors were there.

2) Galaz. The reserves upgrade is being considered by the Khazakstan authorities now. I think the company had anticipated receiving the results by now and described the decision as "imminent". Someone asked about the potential deal with LG. It seems another party may interested; there was talk of negotiating an "exclusivity fee". KO said he hoped to get to some sort of resolution by the end of this month. I guess investors ought to continue to be patient as these deals can take a good while to pull together. The existing wells that have been drilled are currently shut-in pending commencement of pilot production which may be expected during 2Q10. They will start production slowly and build to 1,000-1,500bopd by year end 2010. There was some clarification of the new exploration target announced on 4 November; this is targeting Arksum and Upper Jurassic sands that are a bit deeper than the existing wells but in the same formation. This is not the deeper target indicated earlier. Well cost should be in the region of $1.5m.

3) Ravninnoe. Well #20 drilling ahead at 1,600m. We might expect some news around Xmas. I clarified the target depth. The AGM presentation had a well design that indicated a target depth of 3,800m that may have explored the lower-Carboniferous as well as appraising the mid-Carboniferous primary target at 3,200m. They confirmed the well location is not optimal for the deeper target, so they probably won't drill as far as 3,800m. Although Duncan did say if they still had oil shows at 3,500m they would carry on.

4) BNG......

 

More at http://roxi-petroleum.blogspot.com/2009/11/results-of-general-meeting.html

 

 

Unlock the rest of this article with a 14 day trial

Already have an account?
Login here