Roxi Completes Seismic Acquisition in BNG Prospect

Roxi announced the following Operational update:

  • BNG
    • Seismic acquisition completed over central and northern areas
    • BNG seeking to acquire 2011 seismic program in 2010
    • Well 806 spudded on South Yelemes
    • Technical audit by third party delayed to Q4 2010
  • Galaz
    • NK22 discovery to be redrilled, rig mobilized

BNG (Roxi Interest 23.41%) - 3D seismic

The 2010 seismic acquisition program was completed on July 31, 2010. A total of 483 km2 (full-fold data) was completed by contractor Dank, approximately one month ahead of schedule. BNG is now seeking the necessary regulatory approvals to move the 2011 seismic program forward, and acquire approximately 300km2 of additional seismic at the earliest opportunity, likely to be in the winter.

South Yelemes

Well 806, targeted to appraise South Yelemes Jurassic sands, was spudded by SNGS ZJ40 rig on July 31, 2010. The well is approximately 1.5km east of well 805 and is planned to drill to a true vertical depth of 2500m. The well is currently operating at 800m depth and is preparing to run intermediate casing.

BNG has received necessary approvals to deviate well 806 and will begin the deviation in the next section of drilling.

BNG has mobilized Tzansco work-over rig to well 805 which will commence testing the Jurassic and Lower Cretaceous Zones, shortly.

BNG Resource and Volumetric Update

Roxi are continuing to progress plans to conduct a third party assessment of the Company's resource base in BNG. Due to third party complications out of Roxi's control, this study has been delayed and will now be completed in the 4th quarter of 2010.

Galaz (Roxi Interest 50.14%) - Well NK22

Galaz and Company LLP has negotiated with drilling contractor KazRosMunai to re-drill the Arskum target in well NK22 as the most secure way of testing the formation. The offset well is designated NK20, and will be drilled to 1500m. Galaz have mobilized the rig and are due to spud the well shortly.

As previously announced, the original well failed to set cement across the Arskum formation and to surface, which resulted in an inconclusive test. The partners in Galaz are seeking to establish the potential of the NK22 structure as early as possible, and believe this to be the most effective route.

Commenting on the announcement, David Wilkes, CEO of Roxi, said, "We are delighted to have completed the acquisition of seismic over the central and northern areas of BNG as we continue to improve our understanding of all our assets. We now hope to proceed with the 2011 seismic program later this year. The Company is currently highly active across its portfolio of assets and we look forward to updating the markets on the results of wells 805, 806 and NK20."

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