25th Jun 2015 06:57
LONDON (Alliance News) - Roxi Petroleum PLC Thursday said it has been granted a three-year license extension for its flagship BNG contract area in Kazakhstan.
The new license will now expire on June 7, 2018, and Roxi will focus on proving up the greatest amount of reserves possible while "avoiding unnecessary dilution to Roxi shareholders", it said.
Whilst it continues to explore and prove-up reserves, oil produced during that time will be sold to the domestic market at domestic prices, but when full-scale production begins the oil produced will be sold at international prices, Roxi said.
"During the three-year extension period we will use the next three years to maximise the reserves at BNG by continued drilling and independent assessment," said Chairman Clive Carver.
On Tuesday, Roxi said its "sole objective" in 2015 was to achieve 4,000 barrels of oil per day from BNG after it reported a USD20.1 million pretax profit in 2014, swinging from a USD9.0 million loss in 2013 on the back of the reversal of a USD25.0 million impairment related to BNG.
By Joshua Warner; [email protected]; @JoshAlliance
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