Business
Drilling success
Drilling success.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 4717K Roxi Petroleum Plc 19 December 2008 \n \n\nRoxi Petroleum plc\n\nAppraisal Drilling Success; Disposal of Munaily and Funding Update\n \nHighlights\n\n\nTwo new oil wells on the Galaz Contact Area\n\n\nNK Konus well NK3 encountered a total of 12m net oil pay in Arskum and Upper Jurassic sands\n\n\nNK Konus well NK4 has encountered a total of 14m oil stained upper Jurassic sandstone\n\n\nOil quality of approximately 26o API\n\n\n5 well programme to be completed by end 2008\n\n\nTrial production expected 2009\n\n\n5 further wells planned to explore deeper horizons in 2009\n\n\nPotential reserves upgrade on NW Konus field after completion of current drilling programme\n \n\n\n\n\n\nDisposal of Munaily for $1m, plus a potential further $2m production royalty, dependent on production volume\n\n\n\nRob Schoonbrood, Roxi CEO commented: \n'The discovery of oil at NW Konus signifies the beginning of the company's move to production and development from pure exploration. We look forward to upgrading our reserves levels once full testing has been completed\nIt can also be seen as a total justification of the company's change in strategy to farm-out our assets - thereby adding significant value through immediate drilling. \nOur initial farm outs, and the sale of Munaily, has assisted our short term funding. We are in negotiations regarding our longer term needs, and remain confident of securing a strategic source of funding for Roxi's long term development'.\n\n\n Enquiries: \n\n\n\n\n\nRoxi Petroleum plc\n\n\n+7 727 244 0920\n\n\n\n\nRob Schoonbrood, CEO / Duncan McDougall\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nCollege Hill (Financial PR)\n\n\n+44 (0) 20 7457 2020\n\n\n\n\nPaddy Blewer / Nick Elwes \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland (NOMAD and broker)\n\n\n+44 (0) 20 7220 1666\n\n\n\n\nJames Joyce / David Porter\n\n\n\n\n\n\n\n \n\n \nNew Oil Discovery at Galaz Contract Area (Roxi interest 30.09%)\nRoxi Petroleum plc (AIM; RPX) is very pleased to announce drilling success on the NW Konus field in the Galaz Contract Area, in the Kyzylorda Oblast Western Kazakhstan. Well NK3 has encountered a highly commercial h...