Roxi Petroleum has reported an appraisal drilling success in Kazakhstan.
Two new oil wells on the Galaz Contact Area
Disposal of Munaily for $1 million, plus a potential further $2 million production royalty, dependent on production volume.
Rob Schoonbrood, Roxi CEO commented, "The discovery of oil at NW Konus signifies the beginning of the company's move to production and development from pure exploration. We look forward to upgrading our reserves levels once full testing has been completed.
It can also be seen as a total justification of the company's change in strategy to farm-out our assets - thereby adding significant value through immediate drilling.
Our initial farm outs, and the sale of Munaily, has assisted our short term funding. We are in negotiations regarding our longer term needs, and remain confident of securing a strategic source of funding for Roxi's long term development."
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