REG - Roxi Petroleum Plc - Update on discovery at BNG <Origin Href="QuoteRef">RXP.L</Origin>

Caspian SunriseAnnouncement

29/10/2014 10:27

RNS Number : 3362O
Roxi Petroleum Plc
05 August 2014
5August 2014
Roxi Petroleum plc
("Roxi" or "the Company")
Update on discovery at BNG
Roxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with news of the deep discovery at its flagship BNG asset.
Background
The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010. 
Roxi has a 58.41 per cent interest in the BNG Contract Area.
Deep Well A5
Well A5, the first deep well on the BNG Contract Area, with a planned Total Depth of 4,700 meters is targeting principally the middle Carboniferous formation at 4,390 meters of the South Emba sub-basin.
As previously announced oil and gas shows were detected at a depth of 4,332 meters.
Roxi is pleased to announce the first core sample over the 12 meter range between 4,332 and 4,344 meters has been successfully completed with a 9.85m core recovered.
Initial examination shows the recovered core of dolomitic limestone and is porous, fissured and filled with oil.
At 4,344 meters depth a 5-10 cm layer of siliceous rock has been encountered.
Roxi's management believes the oil bearing interval extends beyond the 12 meters referred to above and is seeking to take further core samples over an additional 18 meters between depths of 4,347 and 4,365 meters. Should as the management team expect the 18 meter interval show oil, further core samples will be taken until the full extent of the oil bearing intervals are established.
Once the depth of the oil bearing interval has been established testing work will focus on establishing flow rates for the oil encountered.
Further announcements will be made in due course.
Comment
Clive Carver, Chairman commented
"We remain delighted with these early indications and look forward to further quantifying what has been discovered in due course."
Enquiries
RoxiPetroleum PLC 
Clive Carver, Chairman +7 727 244 0920
WH Ireland plc
James Joyce / James Bavister +44 (0) 20 7220 1666
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 information is provided by RNS
The company news service from the London Stock Exchange
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