Roxi Successfully Tests Flow Rates at Galaz Well
Central Asia-focused Roxi Petroleum announced Wednesday that tests on the NK8 well on its Galaz asset in Central Kazakhstan has tested at rates of up to 251 barrels of oil per day (bopd).
The well, which reached its total depth of 4,520 feet on July 14, was tested at the interval between 4,235 feet and 4,252 feet. Employing choke sizes between 5 mm and 7 mm (approximately 3/16 inches to 9/32 inches), the oil flowed at rates between 161 bopd and 251 bopd.
Roxi next plans to test a different interval at NK8.
Meanwhile, the company confirmed that it expected aggregate production from the three wells so far producing at Galaz to be in excess of 500 bopd. Roxi holds a 34.2-percent interest in Galaz.
"Production at these levels at Galaz provides a strong underpinning… ahead of the… deep drilling campaign at BNG, which upon receipt of the required regulatory approvals, is scheduled to commence in the autumn," Roxi Chairman Clive Carver said in a statement.
Roxi holds a 58.4-percent interest in BNG, which is a block located at the edge of the Caspian Sea in Western Kazakhstan. It covers an area of approximately 600 square miles and is surrounded by producing fields.
According to oil analysts at London-based investment bank WH Ireland, BNG contains "the largest resource opportunity for Roxi" with net resources of some 47 million barrels, compared with existing 2P reserves of 2.4 million barrels at Galaz.
In a recent research note, WH Ireland's analysts said: "2013 will mark an important year for Roxi's production profile, with BNG and Galaz ramping up production."
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