2nd Apr 2014 11:55
LONDON (Alliance News) - Roxi Petroleum PLC Wednesday said it continues to receive strong operational results from its shallow wells and is closing in on the key region of drilling at its BNG deep well A5.
The central Asian oil and gas company with a focus on Kazakhstan, said its 805, 54 and 807 shallow wells at the BNG site are producing 262 barrels of oil per day net to Roxi while its well 806 has been completed and is moving directly to long-term testing at three separate intervals in the next few days.
The company said testing has started at its Well 143 site at BNG after five levels were perforated and noted that if it tests positively, the area from which oil can be produced from these horizons would be materially extended.
Roxi petroleum also said its NK-3, NK-5, NK-7 and NK-8 wells at its Galaz block continue to produce at the rate of 371 barrels of oil per day net to Roxi.
The company said that work continues in order to bring back its NK-12 well into production, reaching a depth of 1,501 metres without incident and perforating at three separate intervals. Roxi said the result of testing at the NK-12 well is expected to be known next week.
Roxi added that its NK24 well has now reached a total depth of 1,600 metres without incident and is targeting Jurassic and Cretaceous reservoirs, with a plan to test two intervals before the end of April.
The company said its A5 deep well at the BNG contract area has reached a total depth of 3,892 metres and passed through alternative layers of clay and salt from 3,600 metres. The company said the salt layer proper starter around 3,800 metres and below the salt layer it expects to find a gas cap before entering its target source rock.
The firm said that it expects to drill through to the bottom of the salt layer in the next two weeks and to reach total depth by the end of April when, following the installation of casing, testing would commence.
Roxi shares were up 1.7% to 4.14 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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