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Roxi Petroleum provides update on discovery at BNG asset in Kazakhstan

ALMATY, Kazakhstan -- Roxi Petroleum, (Roxi) updated 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 kms southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 sq kms of which 1,376 sq kms has 3D seismic coverage acquired in 2009 and 2010.

Roxi has a 58.41% 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 m is targeting principally the middle Carboniferous formation at 4,390 m of the South Emba sub-basin.

As previously reported oil and gas shows were detected at a depth of 4,332 m.

Roxi reported the first core sample over the 12 m range between 4,332 and 4,344 m has been successfully completed with a 9.85 m core recovered.

Initial examination shows the recovered core of dolomitic limestone and is porous, fissured and filled with oil.

At 4,344 m depth a 5-10 cm layer of siliceous rock has been encountered.

Roxi' s management believes the oil bearing interval extends beyond the 12 m referred to above and is seeking  to take further core samples over an additional 18 m between depths of 4,347 and 4,365 m. Should as the management team expect the 18 m 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 statements will be made in due course.

Clive Carver, Chairman commented: "We remain delighted with these early indications and look forward to further quantifying what has been discovered in due course."

08/06/2014

 

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