Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, has unveiled an operational update showing that testing has commenced at Well "NK-12" at its Galaz asset.
The AIM-listed company reported that the well was spudded on November 23rd at Roxi's NW Konys asset- also known as Galaz- where Roxi has a 34.22% interest.
On March 2nd, the company said that testing commenced on the well at an interval in the Cretaceous zone where oil flowed at a rate of 117 barrels of oil per day (bopd) using an 8mm choke.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Clive Carver, Chairman of Roxi Petroleum, commented:"We are pleased to report another successful well at Galaz. Once NK-12 is fully operational we expect gross production from the Galaz Contract Area alone to be more than 1,400 bopd and gross production from all of Roxi's assets to be 1,800 bopd with 870 bopd net to Roxi."
Roxi Petroleum's share price was up 6.06% to 4.38p at 10:26 on Friday.
MF
-
Divorce financial settlement fights surge – why it pays to agree terms earlyLawyers expect more court battles as tax rises and sharp falls in asset values make divorcing financially more difficult.
-
Emotional investing: what is it and how you can avoid itAre you an emotional investor? Your feelings could be damaging your long-term investments, but here's how to stay rational when the markets are turbulent.
