Roxi Petroleum Provides Update on Discovery at BNG Asset in Kazakhstan

Roxi Petroleum plc, the Central Asian oil and gas company with a focus on Kazakhstan, reported Tuesday news of the deep discovery at its flagship BNG asset in the pre-Caspian basin in Western Kazakhstan.


The BNG Contract Area is located in the west of Kazakhstan 24.8 miles (40 kilometers) southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 602.7 square miles (1,561 square kilometers) of which 602.7 square miles (1,376 square kilometers) has 3D seismic coverage acquired in 2009 and 2010.

Roxi has a 58.41 percent interest in the BNG Contract Area.

Deep Well A5

Well A5, the first deep well on the BNG Contract Area, with a planned Total Depth of 15,420 feet (4,700 meters) is targeting principally the middle Carboniferous formation at 14,402 feet (4,390 meters) of the South Emba sub-basin.

As previously announced oil and gas shows were detected at a depth of 14,212 feet (4,332 meters).

Roxi is pleased to announce the first core sample over the 39.3 foot (12 meter) range between 14,212 and 14,251.9 feet (4,332 and 4,344 meters) has been successfully completed with a 32.3 feet (9.85 meters) core recovered.

Initial examination shows the recovered core of dolomitic limestone and is porous, fissured and filled with oil.

At 14,251.9 feet (4,344 meters) depth a 1.97-3.94 inch (5-10 centimeter) layer of siliceous rock has been encountered.

Roxi's management believes the oil bearing interval extends beyond the 39.3 feet (12 meters) referred to above and is seeking to take further core samples over an additional 59 feet (18 meters) between depths of 14,261 and 14,321 feet (4,347 and 4,365 meters). Should as the management team expect the 59 foot (18 meter) interval show oil, further core samples will be taken until the full extent of the oil bearing intervals are established.

Once the depth of the oil bearing interval has been established testing work will focus on establishing flow rates for the oil encountered.

Further announcements will be made in due course.


Clive Carver, Chairman commented:

"We remain delighted with these early indications and look forward to further quantifying what has been discovered in due course."


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