Business
Galaz Update
Galaz Update.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 3651D Roxi Petroleum Plc 01 December 2009 \n \nRoxi Petroleum \n\nGalaz Update\n\nRoxi Petroleum plc (\"Roxi\" or the \"Company\") is pleased to report that its subsidiary, Galaz and Company LLP (\"Galaz\"), the operator of the North West Konys Field, in the Kyzylorda Oblast, Central Kazakhstan, has received approval from the State Geological Committee of Kazakhstan, for the re-determination of GOST reserves on the North West Konys field. Roxi has an indirect participating interest in Galaz of 43.4%.\n\nThe total reserves approved to GOST standards on the Galaz Contract Area are 14.6 million barrels (1.955 million tons), comprising of 7.2 million barrels (0.962 million tons) C1 category, and 7.4 million barrels (0.993 million tons) C2 category; against previously reported C1 reserves of zero and C2 reserves of 12.6 million barrels (1.7 million tonnes). This represents an overall increase in C1 and C2 reserves of approximately 16%. Galaz will now submit for approval from the State Authorities, development plans for Pilot Production of the C1 reserves.\n\nThe Company is currently undertaking a determination of Proven, Probable, and Possible reserves under SPE standards in compliance with AIM regulations.\nOperations\n\nExploration well NK22, was spudded by KazRosMunai LLP drilling company on the 24th November 2009, approximately six kilometres from the North West Konys Field. The well is drilling the 295mm section of the well prior to setting intermediate casing at 950m. The well is targeted to test Arskum and Upper Jurassic sands at a predicted depth 2200m.\n\nFurther announcements will be made in due course.\n\nQualified Person \n\nDuncan McDougall, Technical Director of Roxi Petroleum and a Fellow of the Geological Society, London, has reviewed and approved the technical disclosure in this announcement. He holds a BSc in Geology and has 25 years international experience of exploration, appraisal, and development of oilfields in a variety of environments. \n\n1 December 2009\n\nEnquiries:\n\n\n\n\n\nRoxi Petroleum plc\n\n\n\n\n\n\n\nClive Carver, non-execut...