Roxi announced the following reserves update following its first reserve report:
Roxi is pleased to announce that the estimates for total gross proved ("1P") recoverable oil reserves on the NW Konys field of 2.4 million barrels. The estimates for total proved plus probable ("2P") recoverable oil reserves on the NW Konys field is 7.5 million barrels. The estimates for total proved plus probable plus possible ("3P") recoverable oil reserves on the NW Konys field is 10.9 million barrels.
Subject to receiving state authority approval for the sale of 40% interest to LGI (announced on April 29, 2010), and after royalties, the Company's net recoverable reserves estimated are:
The updated reserves report for Roxi Petroleum plc was completed by McDaniel and Associates effective as of March 31, 2010.
The Company announces that well 805 has been drilled to a total depth of 2505m, on the South Yelemes structure. The Company is currently evaluating logs and cores and preparing to test two hydrocarbon zones with a work-over rig in August. The drilling rig will move directly to the next well on South Yelemes, well 806, to appraise potential reservoirs in the Cretaceous and Jurassic succession.
David Wilkes CEO commented, "This represents the first of regular reserves upgrades to be completed by the company across its core assets, as our activity increases in 2010. This is a positive step and the various upgrades will give greater clarity to the quality of our asset base as Roxi, together with its partners, continues to develop its core assets."
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