Roxi Petroleum Offers Operations Update
Roxi Petroleum plc announced its current operational status and reserves estimates using GOST standards as reported in a variety of sources for all of the assets operated by Roxi.
Ravninnoe Contract Area
Current SPE reserves on Ravninnoe field reported by McDaniel and Associates Inc. are 3.7 million barrels proven + probable + possible, and a range of 1 to 10 million barrels contingent resources. GOST reserves for the field estimated by local institute "Caspian Energy Research LLP" are 15 million barrels C1+C2.
Roxi has tendered the drilling and related equipment for the drilling of the first new well, planned in Q3 2008.
Galaz Contract Area (NW Konus)
Roxi has completed a tender and awarded a contract for the drilling of the first new well in the Galaz Contract Area. The rig was mobilized and the first new well, Well #31, was spudded on 9 May 2008 to drill and evaluate the Upper Jurassic sands at an approximate depth of 1200 to 1300 meters. Drilling time is expected to be 30 to 40 days. Roxi plans to move the rig to a second location immediately following the successful drilling of Well #31.
Current SPE reserves reported by McDaniel and Associates Inc. for the NW Konus field are 7.9 million barrels proven + probable + possible. GOST reserves estimated by State Holding Company Cenim in 1994 for the field are 12.6 million barrels C2.
BNG Contract Area (Ayrshagyl)
BNG Ltd. LLP has been awarded an extension to its existing BNG Contract Area. Accordingly the BNG Contract Area has increased by 9.8 per cent of the total area of the contract territory to 1,561 km2.
No SPE reserves or resources have yet been reported for the BNG Contract Area. Historical GOST reserves reported by the State Geological Committee are 235 million barrels C1+C2+C3
Munaily Contract Area
After the drilling of two wells in the Munaily Contract Area in the fourth quarter of 2007, Well #H1 was completed and put onto production test in January 2008. The well flowed at a rate of approximately 80 barrels of oil per day over the first 30 day period. Additional prospective zones existing in the wellbore were perforated and added to the testing regime. Currently the well is flowing 80 to 100 barrels of oil per day. Roxi will continue to test the well to evaluate the reservoir.
No SPE reserves or resources have yet been reported for the Munaily Contract Area. GOST reserves reported by Zapkaznedra (the state supervisory body) are 1.2 million barrels C1.