TIDMRXP
RNS Number : 9337M
Roxi Petroleum Plc
19 October 2016
The following amendments have been made to the 'Operational
Update' announcement released on 19 October 2016 at 7am under RNS
No 9181M.
The Company has clarified that the reserves for wells 141 and
142 are not included in the reserves update published by Gaffney
Cline & Associates.
The Company has also confirmed that five oil-bearing intervals
have been identified for testing at well 141.
All other details remain unchanged.
The full amended text is shown below.
Roxi Petroleum Plc
Roxi Petroleum plc ("Roxi" or the "Company")
Operational Update
Roxi, the Central Asian oil and gas company, with a focus on
Kazakhstan, is pleased to update the market with news of its BNG
operations.
Introduction
Roxi is pleased to update the market with news of its initial
testing at Shallow Well 141 and the preparatory work for new
shallow Well 142 together with an update on Deep Well A6.
Background
Roxi has a 58.41% interest in the BNG Contract Area, which is
located in the west of Kazakhstan 40 kilometers southeast of Tengiz
on the edge of the Mangistau Oblast, covering an area of 1,561
square kilometers of which 1,376 square kilometers has 3D seismic
coverage acquired in 2009 and 2010.
In January 2016, Roxi announced that the area of the Contract
Area was extended with the addition of 140.6 square kilometres to
the north-east of the current block. The extended BNG Contract Area
now covers 1,702 square kilometers.
The block has both shallow and deep areas of interest.
Shallow Wells
Roxi is interested in two shallow regions of the BNG block, (1)
Yelemes, which include producing wells 54, 805, 806 & 807 and
(2) MJF structure, which include producing well 143 and now
producing Well 141.
To date Roxi has drilled 5 shallow wells to typical depths of
2,500 meters. In aggregate the wells have produced up to 1,100 bopd
(642 bopd net to Roxi) on test and all of the wells are considered
to be commercially successful.
On 2 September 2016 we published a reserves update from Gaffney
Cline & Associates, derived solely from our shallow fields
which, based on 100% economic interest, was:
(P90) Proved reserves of 18.3 million barrels
(P50) Proved and Probable of 29.3 million barrels
(P10) Proved, Probable & Possible reserves 45.0 million
barrels
These take no account of any reserves from our deep sub-salt
drilling success, nor of the results of wells 141 and 142.
MJF structure
Well 143
Well 143, which was drilled in 2013 has to date been the best
performing of Roxi's shallow wells. Recently production from this
well increased to some 630 bopd following the switch from a 5mm
choke to a 7mm choke. The current production rate is 500 bopd using
a 5 mm choke.
Well 141
At Well 141, which is located some 1,200 meters to the southwest
of Well 143, drilling commenced in August 2016, initially targeting
Jurassic Callovian sands at a depth of 2,200 meters.
The well was drilled to a Total Depth of 2,500 meters on a
turnkey basis at a total cost of $1.25 million.
Five oil-bearing intervals have been identified for testing. At
the first of which the well was perforated over six-meters at
between of 2,230 & 2,236 meters and early flow test results
indicate the well to be producing at the rate of 220 bopd using a 3
mm choke and 480 bopd using a 5 mm choke. Further testing is
planned including an extended production test.
Well 142
The rig used for 141 is being moved to drill Shallow Well 142,
which is also to be drilled on the MJF structure but this time some
1,600 meters to the north-east of Well 143. Drilling Well 142 is
expected to commence in the next few weeks and be completed well
before the year-end.
This well is also to be drilled on a turn-key basis for $1.25
million to a Total Depth of 2,500 meters.
The principal reason for drilling Wells 141 and 142 is to seek
to prove the extent of the MJF structure, which, if successful,
should increase reserves.
Deep Wells
Our deep drilling exploration has to date been contained in the
Ayrshagyl portion of the BNG block which extends over an area of
some 120 sq km., where we have drilled three deep wells, A5, 801
and A6 to depths of 4,442, 5,050, and 4,528 meters
respectively.
Deep Well A6
Deep Well A6 was spudded in November 2015, targeting the same
structure as Deep Well A5 in the Middle and Lower Carboniferous,
with an original target Total Depth of 4,750 meters.
Based on the analysis of mud logs we decided to complete the
well at a depth of 4,528 meters. Although mud-logs are only
preliminary, they suggest Deep Well A6 has penetrated oil bearing
intervals.
A further announcement will be made after the completion and
analysis of a wire-line log subject to which we expect to conduct
flow testing.
Clive Carver, Executive Chairman said
We believe the successes at Well 141 indicates the MJF structure
extends over a considerable area.
At A6 we have managed the very challenging drilling of the well
better than with Deep Wells A5 and 801 and accordingly will better
placed to move to flow testing in due course.
Comments:
Roxi Petroleum plc +7 727 375 0202
Clive Carver
Executive Chairman
WH Ireland, Nominated Adviser & Broker +44 (0) 207 220 1666
James Joyce
James Bavister
Abchurch +44 (0) 2017 398 7700
Tim Thompson / George Robinson / Rebecca Clube
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 announcement has been posted to:
www.roxipetroleum.com/roxi/en/investors.
This information is provided by RNS
The company news service from the London Stock Exchange
END
UPDEAXENFDPKFEF
(END) Dow Jones Newswires
October 19, 2016 03:43 ET (07:43 GMT)
Caspian Sunrise (LSE:CASP)
Historical Stock Chart
From Apr 2024 to May 2024
Caspian Sunrise (LSE:CASP)
Historical Stock Chart
From May 2023 to May 2024