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Roxi extends license for contract area in Kazakhstan

Oil&Gas Materials 26 June 2015 13:39 (UTC +04:00)
Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan renewed the license for its flagship BNG Contract Area for a further period of three years ending on 7 June 2018

Baku, Azerbaijan, June 26

By Elena Kosolapova - Trend: Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan renewed the license for its flagship BNG Contract Area for a further period of three years ending on 7 June 2018, the company said.

"The main focus of activity during the period of the renewed license will be to prove up the greatest amount of reserves consistent with avoiding unnecessary dilution to Roxi shareholders (the "Estimation Phase")," the company said.

During the Estimation Phase oil produced will be sold at domestic Kazakh prices. Thereafter, subject to the findings of the Estimation Phase, Roxi intends to cease exploration activities at BNG and produce oil to be sold at international prices.

The BNG Contract Area is located in the west of Kazakhstan 40 kilometers southeast of Tengiz on the edge of the Mangistau region, covering an area of 1,561 square kilometers of which 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.

Roxi Petroleum PLC is a Kazakhstan based oil and gas exploration and production company established in October 2006. Roxi's commercial rationale is to acquire and develop interests in oil and gas assets in Central Asia with a focus on Kazakhstan. Roxi's three principal assets are the interests in BNG, Galaz and Munaily Contract Areas.

Edited by CN

Follow the author on Twitter: @E_Kosolapova

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