Since the last post on 15 May, Roxi Petroleum Plc (LON:RXP) have released their final results, the Annual Report and Accounts for 2009 and an operational update. The Annual Report can be found here and the Ops update for 1 June can be found here. The new items released in the Annual Report and the Ops Update include a number of expected events for the rest of 2010:
June 2010:
The McDaniel determined SPE 2P reserves for the Galaz field should be released in June. Prior releases have determined reserves to Soviet GOST standards - some 14mmbo of 2C reserves. Hopefully, the determination of reserves to Western standards will encourage more investment in the company form London.
Well 806 on the South Yelemes field in the BNG contract area will be spudded. We have already heard on 1 June that Well 805 has encountered hydrocarbons in the Cretaceous as well as in the target Callovian Sands in the Upper Jurassic.
The well was coring and preparing to drill on to target depth at 2,500m before running wireline logs. It has also been announced that they will not flow test this well with this rig, but will mobilise a separate workover rig to conduct testing operations, should they be warranted on wells 805 and 806. In the 1 June release, Roxi also stated that the reserves and prospective resource figures for the 2010 drilling programme on BNG were undergoing internal and external audit prior to release. It is to be hoped that the release of these figures comes shortly. Test has started on Well #20 on the Ravninnoe block, with acidisation due to be carried out around now.
July 2010:
Pilot production should start on the Galaz field, after the much delayed approval from the Kazakh authorities. We have also heard that the company has applied for an extension to the Galaz Contract Area, based on the results so far from Well NK22. The well test awaits the final approval of LGI as the new operator of the block. Roxi have also announced that well 135 (MJ-A) will spud on the BNG block during July. We await further details of the target of this well.
August 2010:
The new 3-D seismic acquisition programme should complete on BNG together with the spudding of the first development wells on…
