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Appointment of GCA to update technical estimates
Appointment of GCA to update technical estimates.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n \nRNS Number : 0842N Roxi Petroleum Plc 27 January 2016 \n\nRoxi Petroleum PLC\n \n(\"Roxi\" or the \"Company\")\n \nAppointment of Gaffney, Cline & Associates\nto update technical estimates at BNG\n \nRoxi, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with the announcement that Gaffney, Cline & Associates (\"GCA\") has been retained to evaluate Roxi's flagship BNG asset.\n \nPrevious estimation work\n \nGCA were first formally appointed to undertake an independent audit of the prospects identified by the Company in January 2011, based on the Company's acquisition in 2009 and 2010 of 1,500 square kilometers 3D seismic data.\n \nThey reported a large portfolio of 34 prospects with best estimate Prospective Resources varying from 1 to 82 MMBbl and chance of success varying from 7% to 85% along with 13 Leads. Roxi Management has aggregated these Best estimates to provide a combined, unrisked, gross resource potential of c. 900 million barrels.\n \nSince that date significant work has been undertaken at both the Company's shallow and deep prospects.\n \nTiming\n \nGCA will first consider the portion of the BNG Contract Area covered by our shallow drilling, from which production capacity under test conditions is currently running at the rate of 1,065 bopd (622 net to Roxi).\n \nRoxi expects to have the output of this work in Q2 2016.\n \nFollowing completion of well tests in Deep Wells A5, 801 and when completed A6, GCA will also consider the portion of the BNG Contract Area addressed by our deep drilling.\n \nThe timing on the output of this report will depend on the timing of the three well tests referred to above.\n \nEnds.\n \nComments:\n \nClive Carver, Chairman said\n \n\"The appointment of Gaffney, Cline & Associates to revisit their estimates based on the Company's drilling activities since 2011 is another step on the path to demonstrating the potential of the field. We look forward with interest to the output of their work.\"\n \n \nEnquiries: \n \nRoxi Petroleum PLC\nClive Carver, Chairman  ...