Roxi Retains GCA to Evaluate BNG Asset

Kazakhstan-focused oil and gas company Roxi Petroleum plc announced Wednesday that it has retained Gaffney, Cline & Associates to evaluate the company’s flagship BNG asset.

GCA was first appointed to undertake an independent audit of Roxi’s prospects in January 2011. The appraisal firm reported a large portfolio of 34 prospects with best estimate prospective resources varying from 1 to 82 million barrels and chance of success varying from 7 percent to 85 percent. As part of its new agreement, GCA will first consider the portion of the BNG contract area covered by Roxi’s shallow drilling project, from which production capacity under test conditions is currently running at the rate of 1,065 barrels of oil per day. Roxi expects to have results of this work by the second quarter of this year.

Following completion of well tests in Deep Wells A5, 801 and, when completed, A6, GCA will also consider the portion of the BNG contract area covered by Roxi's deep drilling. The timing on the output of this report will depend on the timing of the three well tests.

Clive Carver, chairman of Roxi Petroleum, commented in a company statement:

"The appointment of Gaffney, Cline & Associates to revisit their estimates based on the company's drilling activities since 2011 is another step on the path to demonstrating the potential of the field.  We look forward with interest to the output of their work."

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