Roxi Gets BNG License Extension

Central Asia-focused Roxi Petroleum reported Wednesday that its license for the BNG Contract Area in Kazakhstan has been successfully renewed for a further period of two years, ending on June 6 2015.

Roxi confirmed that the focus of the BNG drilling campaign for the remainder of the year are the deep wells planned for the Aryshagal region. The first of these wells, which will be drilled to a depth of 15,420 feet, has spud and is expected to take a further 90 days to reach its total depth. This well will target Permian and Carboniferous formations.

Up to four further deep wells are planned for 2013 and 2014, Roxi added.

Roxi also reported that production from Wells 54 and 805 is running at the rate of some 200 barrels of oil per day and production from Well 806 is expected to come on stream later in 2013.

Roxi Chairman Clive Carver commented in a company statement:

"The renewal of the BNG license and the commencement of the deep drilling program mark the coming together of several years' preparatory work.
"With our first deep well we are targeting a known producing area with a history of successful production and consequently we have high expectations of a significant discovery.
"Over the next two years, with up to four additional deep wells to be drilled in the Ayrshagal region of the BNG Contract Area, in addition to further shallow wells and extended prolonged testing of existing wells in the already producing Yelemes region, we expect to prove that BNG has a significant commercial value, measured both by reserves and production volumes. We then intend to cease exploration activities, switch to a pilot production license prior to a full production license expected during 2015, which would enable us to sell oil at international prices and dgenerate significant cashflow.
"Additionally the results from the shallow well 143 announced recently, with oil shows at three separate intervals, also lead us to continue to believe in the commercial viability of the BNG Contract Area as a whole aside from the deep drilling prospects."

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