Spudding is music to Roxi investors' ears

Roxi Petroleum was a riser after announcing it had started drilling at its Galaz asset in Kazakhstan.

The Central Asia-focused explorer said the NK-12 well at the NW Konys site was spudded on 23rd November.

This appraisal well is planned to drill to a total depth of 1500m and is targeted to encounter Cretaceous sand of NW Konys.

Drilling operations are being coordinated by the firm's operating partners LGI and are expected to take around 30 days, after which a further announcement will be made.

There are already three producing wells at Galaz; NK 6, NK 7 and NK 8 (formerly NK 14), which in aggregate are producing more than 700 barrels of oil per day.

Roxi's interest in the field is 34.22%.

Chairman Clive Carver said: "We are pleased that the development work continues at Galaz, which has already proved itself a success".

Shares were up 5% at 09:15 following the announcement.

MM