Business
Corperate & Opertaional Updat
Corperate & Opertaional Updat.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 6031G Roxi Petroleum Plc 03 February 2010 \n \n\n3 February 2010\n \nRoxi Petroleum plc\n \nCorporate and Operational Update\n \nRoxi Petroleum plc (\"Roxi\" or the \"Company\")(ticker: RXP) is an AIM listed exploration and production company operating in Kazakhstan.\n \nHighlights:\n \n \n· Excellent progress across portfolio:\n- NK22 well on Galaz encountered shows\n- Well 20 on Ravninnoe reached TD of 3455 meters - work over rig being mobilised to complete logging and test well\n- Preparing to perforate well 54 on BNG\n- Drilling rig mobilised to drill two wells on South Yelemens field\n \n· Appointment of Edmund Limerick as Non Executive Director\n \n· Appointment of Hyunsik Jang as Chief Operating office\n \n· Additional $3 million convertible loan received from Arawak\n \n \nOperations update\n \nGalaz\n \nExploration well NK22 is drilling ahead at 2550m in the Middle Jurassic having encountered shows in the Arskum and Upper Jurassic sandstones. The well is drilled on a turn-key contract and has been drilled slower than anticipated to ensure the best quality borehole for testing and evaluation at no extra cost to Roxi.\n \nA Pilot Production Project has been submitted for approval on NW Konys' C1 reserves of 7.3mmbbls. Management are expecting the results of this application should be announced before the end of April 2010.\n \n\n\nRavninnoe\n \nThe appraisal of the Ravninnoe Field is continuing. Well 20 reached a total depth of 3455m on the 2nd of January 2010, after drilling through an over pressured hydrocarbon column of approximately 30m. Good oil shows were encountered with no H2S detected. Porosities from logs are in the range of 4 to 20%, however, net pay will not be determined until after testing. The partnership decided to TD the well at a shallower depth than originally planned in order to reduce the costs, ensure the successful data acquisition over the primary target and to defer drilling the deeper targets until they can be tested at a more optimal location. A workover rig is being mobilised to complete the logging and test the well by the end of February 2010.\n \nBNG\...