11th Aug 2014 09:20
LONDON (Alliance News) - Roxi Petroleum PLC shares were boosted on Monday after the firm said it had found a deep discovery at the flagship BNG asset in Kazakstan.
The news sent shares in the company up 10.5% to 16.301 pence in mid-morning trading, putting it among the top five risers on AIM.
Roxi said a further core of 18 metres has been taken between a depth of 4,347 and 4,365 metres, a development on the oil and gas shows found by the firm on August 5 at a depth of 4,332 metres.
Initial examinations of the new core confirmed it was oil saturated over its full length, making the aggregate thickness of the gross oil-bearing interval at the site at least 33 metres.
Roxi will continue core sampling until oil shows disappear, it said. It is now working on a taking a third core sample at depths of 4,365 and 4,383 metres.
"With the gross oil bearing interval now at least 33 meters we continue remain excited by the potential of the deep horizons at the BNG Contract Area and look forward to establishing the full extent of this discovery," said Roxi Chairman Clive Carver.
By Sam Unsted; [email protected]; @SamUAtAlliance
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