Roxi Spuds New Well on Galaz Block, Kazakhstan

Central Asia-focused Roxi Petroleum reported Wednesday that it has spud Well NK-14 at the North-West Konys development on the Galaz block in central Kazakshtan.

Roxi said the planned total depth of the well is 4,920 feet and that it will target Jurassic and Cretaceous reservoirs. Currently, drilling has reached a depth of 1,980 feet.

The firm also said that its partner in the Galaz asset plans to drill the NK-24 well in early February. This will also target Jurassic and Cretaceous reservoirs and will be the first well located on the Galaz extension area.

Roxi also reported that aggregate gross pilot production from its existing wells is running at 875 barrels of oil per day (with net production to Roxi coming in at 300 bopd).

Roxi Chairman Clive Carver commented in a company statement:

"It is pleasing to see the development of Galaz continuing and in particular the first well on the extension area acquired in 2011. While not in the same league as our prime asset BNG we believe the Galaz Contract Area to have significant value."

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