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Roxi Petroleum updates on license extension, operations at Galaz block in Kazakhstan

ALMATY -- Roxi Petroleum (Roxi) updated the market with news of a licence extension and of operational progress at its Galaz asset.

Galaz

The Galaz block is located in the Kyzylorda Oblast in central Kazakhstan. The Contract Area was extended on 10 January 2011 to 179 sq kms and now includes significant exploration upside on the east side of the Karatau fault system, as well as the NW Konys development.

The operator is LGI, the Korean multi-national, which invested $34.4 million by way of loans into the project and paid a further $15.6 million in return for 40% of the asset. A total of 30 sq kms 3D seismic has been acquired and processed.

Roxi has a 34.44% in the Galaz Contract Area.

Licence

Roxi reported the extension of the licence at the Galaz Contract Area for a further two-year period to 14 May 2016. The licence has been extended on the current pilot production basis, although at the request of Galaz LLP may be converted to a full production licence.

Well NK-31

As previously stated Roxi Well NK-31 has been spudded and is to be drilled to a total depth of 2,500 m targeting the Middle Jurassic. The well is expected to reach Total Depth by the end of July 2014. It is being drilled on the main Contract Area.

Drilling has reached a depth of 2,350 m without incident. Core samples taken between 2,070 and 2,079 meters in the Karagansaisky horizon contain an interlayering of argillite and conglomerates.

High gas shows were detected when drilling at the depth of 2,283 m (Doshan Suite). Core samples have been taken between 2,283 and 2,292 m and preliminary, analysis shows the core consists of sandstones.

A further statement on this well will be made in due course when the results of  further analysis are available.

Clive Carver, Chairman commented "Although Roxi investor focus in recent months has been at our BNG asset, based on our drilling activities at Galaz we are now confident Galaz is also a valuable asset and one we wish to develop further."

07/14/2014

 

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