23rd Jul 2014 09:35
LONDON (Alliance News) - Roxi Petroleum PLC Wednesday said it is currently awaiting additional heavy drilling fluids to arrive at deep well A5 at the BNG Contract Area in Kazakhstan in order to allow it to take core samples.
The Kazakhstan-focused oil and gas company said on July 9 the well, which was the first deep well in the area, had detected oil and gas shows at a depth of 4,332 metres.
The well is on the edge of the Caspian Sea and is in close proximity to the Tengiz and Kashagan oilfields, two of the largest oilfields in the world. Roxi's statement on July 9 about it having found oil and gas sent shares in the company surging higher.
"The board of Roxi remains excited about the discovery and looks forward to updating the market further in due course," said Roxi Chairman Clive Carver.
Roxi said in a statement it would provide a further update once core samples have been analysed.
Roxi Petroleum shares were trading 7.9% lower at 13.1 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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