Roxi Petroleum focused on Kazakhstan announces operational update

Baku, Azerbaijan, Jan.7
By Elena Kosolapova - Trend: Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan announced operational update last week.

Since the last operational update, Roxi has experienced a number of unexpected delays principally in respect to permitting. In particular it has taken longer than expected to determine and fulfill the precise requirements of the various regulatory authorities over such issues as the operating capabilities of blow-out preventers. Drilling has recently resumed and Roxi now expects to reach total depth by the end of the first quarter of 2014.

Roxi has a 58.41 percent interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau region. The Contract Area covers 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010. Roxi resumed full control of BNG Ltd LLP in the second quarter of 2011.

The Contract Area has both shallow and deep prospects, which Roxi is funded to explore and develop following the $40 million equity funding commitment in January 2013.

Roxi announced that Well 807, which is targeting Cretaceous Limestone and Jurassic Sandstone, has reached it revised total depth of 2,301 meters and an oil casing string has been set and cemented.

Based on early indications it is expected that Well 807 should produce at the rate of 225 barrels of oil per day, (131 barrels of oil per day net to Roxi), which is a similar level to the other successful shallow wells. Based on testing to date Roxi expects Wells 54, 143, 805, 806 and 807 would, in aggregate, be capable of production at the rate of some 1,200 barrels of oil per day (701 barrels of oil per day net to Roxi).

During the next three months three intervals of Valanginian age at Well 806 will be tested using a work-over rig and the data from these test used to calculate reserves for the Valanginian horizon. During the same period a separate work-over rig will be used at Well 143 and the test data similarly used to calculate reserves.

BNG Ltd LLP, in which Roxi has a 58.41 percent interest, plans to drill 5 deep wells before the expiry of the existing licence in June 2015, with the locations of the first two deep wells already identified. It is anticipated that three of the five wells will be drilled on the Ayrshaghal structure and two on Yelemes structures.

The first deep well, designated Well A5, is to be drilled to an estimated depth of 4,700 meters and was spudded in July 2013, targeting the Permian formation at 4,120 meters and the Carboniferous formation at 4,390 meters. From seismic analysis the salt layer, which is now expected to be up to 250 meters thick, will be encountered at around 3,800 meters.

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