14th Nov 2013 15:06
LONDON (Alliance News) - Roxi Petroleum PLC said that although progress has been slower than expected, there have been no material issues with its first deep well and it now expects to reach total depth early in the new year.
Roxi Petroleum has a 58.4% interest in the BNG contract area in the west of Kazakhstan. The company is planning to drill 5 deep wells before the expiry of the BNG license in 2015. The first well, Well A5, will be drilled to around 4,700 meters. The well spudded in July 2013, and as of November 3, drilling had reached a depth of 3,060 meters without incident.
Shares in Roxi Petroleum were trading down 6.2% at 3.75 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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