Roxi Petroleum shares rise on Kazakhstan update

Roxi Petroleum's shares advanced Wednesday after the group announced the spudding of its BNG 143 well in Kazakhstan.

The oil and gas company said the well is testing the MJ-F structure, located towards the northern part of the South Yelemes field.

The well will be drilled to a total depth of 2,500 metres, which is expected to take about 45 days.

The exploration well is targeted to encounter Jurassic Callovian sands at a depth of 2,170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935 metres.

"We are pleased to have commenced the 2013 drilling campaign at BNG," said Chairman, Clive Carver.

"This is the first of four planned wells at BNG this year, including two deep wells."

RD