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.

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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