Roxi Encounters Oil at Kazakh Well

Roxi updated the market with operational progress at its Galaz Contract Area.

Well NK7, which was spudded on April 25, 2012, reached a total depth of 4,462 feet (1,360 meters) on May 15, 2012, after which wireline logging was run.

The preliminary interpretation indicates that the well encountered oil bearing zones, in the lower Cretaceous at a depth of 4,226 feet (1,288 meters) and also in the upper Jurassic sands at a depth of 4,288 feet (1,307 meters).

Evaluation work led by our partners LGI continues and once the interpretation of the wireline logging with coring data has been completed, perforation intervals will be selected and testing will be carried out by work-over rig.

"We are encouraged by these drilling results are and look forward to receiving the full evaluation in the coming weeks," Chairman Clive Carver commented.