Roxi Drills Ahead at North Yelemes Structure

Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, updated the market with regard to BNG well 136.

The well, which is on the North Yelemes structure and is planned to be drilled to a total depth of 9,678 feet (2,950 meters) was spudded on December 16, 2011. At the time of spudding, drilling was expected to take approximately 40 days. However, the severe weather in the area, with minus 30 degree temperatures and high winds, for much of the past month, has meant that we have experienced a series of interruptions to our operations, and consequently the drilling timetable has been delayed.

On Tuesday, February 7, 2012, the drilling had reached 6,388 feet (1,947 meters) and the total depth of 9,678 feet (2,950 meters) is now expected to be reached in early March, assuming weather conditions improve in the next two weeks.

The exploration well is targeted to encounter Jurassic Bajocian sands at a depth of 2,550 meters and a secondary objective in the Triassic sands at a depth of 9,318 feet (2,840 meters).

David Wilkes, CEO commented, "We continue to prioritize the health and safety of our employees and contractors during this period of particularly harsh weather conditions. We plan to resume drilling within the next few days, as weather conditions improve, and we will update the market as soon as we have reached our target depth."