Roxi Petroleum announced Thursday that its license for the BNG Contract Area, located in the west of Kazakhstan, has been renewed for three years, ending on June 7, 2018.
The BNG Contract Area has both shallow and deep prospects and contains total unrisked resources of 900 million barrels from 37 prospects, as well as 202 million barrels of risked resources, according to Roxi. In the company’s annual audited results for 2014, which were released on June 23, 2015, Roxi stated that its sole objective for 2015 is to achieve production from BNG at a rate of 4,000 barrels of oil per day.
Roxi Petroleum Chairman Clive Carver commented in a company statement:
"During the three year extension period we will use the next three years to maximize the reserves at BNG by continued drilling and independent assessment."
Roxi expects income to rise during 2015, despite the fall in oil price, provided its deep wells at BNG start producing consistently. In the remainder of 2015, the company plans to drill a further two deep wells at BNG between deep wells A5 and 801, as well as two further shallow wells. Roxi owns 58.41 percent of BNG Ltd, which has been the operator for the BNG Contract Area since 2011.
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