Roxi Petroleum announced the following operational update:
BNG (Roxi Interest 23.41%)
South Yelemes Field
Well 805 has set the 9 5/8 inch casing (at a depth of 803 meters) and is drilling ahead towards the target Jurassic section and planned total depth of 2500m.
3D Seismic Program
Seismic contractor, Dank SIF LLP, has completed the northern section of the 3D seismic program on the contract area. BNG is currently evaluating bids for seismic processing and will be awarding the seismic processing contract shortly. Priority will be given to processing and interpretation of this first tranche of data to delineate exploration potential on the North Yelemes area.
Seismic acquisition has now started on the southern area and is scheduled to be completed in August 2010.
Ravninnoe (Roxi Interest 30%)
The work-over rig has been released and demobilized from Well 20, and the well prepared and connected up to production facilities for 90 day production testing and acid stimulation, scheduled to begin during May 2010.
Well 20 was drilled during November and December 2009 and perforated over a cumulative 18 meter interval of Middle Carboniferous dolomitic carbonates on March 26, 2010. The well flowed at initial rates of 240 barrels of dry oil per day.
Galaz (Roxi Interest 34.2%)
Initial attempts to perforate and test the Arskum sandstone have proved to be unsuccessful due to a poor cement bond and subsequent water influx from behind casing. Galaz is currently preparing plans for remedial action, most likely to be cement squeeze and reperforation. Under the terms of the recently announced Sale and Purchase Agreement ("SPA"), further operations will wait until the Company's new partner, LG International, have reviewed and approved the program. Before closing of the SPA which will be subject to various State approvals, the parties have agreed to revise the operating company (Galaz and Company LLP) constituent documents such that LG International will have operational control of the sub-soil user contract.
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