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Roxi Starts Producing from Munaily Field

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Central Asia-focused Roxi Petroleum reported Wednesday that its Well H1 on the Munaily field in Kazakhstan began production at a rate of 125 barrels of oil per day on Sunday.

Located in the Atyrau Oblast, approximately 40 miles southeast of the town of Kulsary, the Munaily field was discovered in the 1940s and produced from 12 reservoirs in the Cretaceous through to the Triassic. Roxi acquired a 58.41-percent interest in the field's rehabilitation block in 2008.

Roxi has a 15-year full production license for Munaily, which allows production to be sold at international prices. There are estimated to be 1.2 million barrels of bypassed reserves still held within the field.

An agreement has been signed to sell production from Well H1 at domestic prices with the proceeds being used to fund the development of an additional two wells. Once these wells are in production the company will look to enter into an off-take agreement at international prices, it said.

Commenting on the news, Roxi Chairman Clive Carter said in a statement:

"We are delighted to have brought a second field into production. Taken together with the production at Galaz, Roxi's gross production now exceeds 900 bopd with 340 bopd net to Roxi."


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