3rd Nov 2015 09:48
LONDON (Alliance News) - Kazakhstan-focused oil and gas company Roxi Petroleum PLC saw its shares fall on Tuesday morning after it said it had encountered further problems with drilling at the BNG project area.
Roxi said the first side-track well drilled at the Deep Well A5 well at the BNG project area encountered similar problems to the first well drill at the project, which was plugged and abandoned after suffering drilling difficulties and after equipment became stuck at the bottom of the well.
The side-track well was hit by the excess drilling fluids seen in the first, though a smaller side-track well stopped in the gross oil bearing zone. A prospective oil zone is now to be tested on an open-hole basis, Roxi said.
Elsewhere, the company said five potential production levels have been identified in the Deep Well 801 at BNG, though excess drill fluids have once more caused problems and resulted in a new blockage.
Roxi shares were down 17% to 7.5 pence on Tuesday morning, one of the worst performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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