Roxi Petroleum, an Asian oil and gas firm with a focus on Kazakhstan, has drawn encouragement from test drilling of the NK8 well on its Galaz asset.
Drilling has reached a total depth of 1,378 metres and has been tested at an interval between 1,291 - 1,296 meters using choke sizes ranging between 5-7mm.
With a 5mm choke, oil flowed at the rate of 161 barrels of oil per day (bopd). Using a 6mm choke, oil flowed at the rate of 197 bopd and using a 7mm choke oil flowed at a rate of 251 bopd. The company is planning further testing at a different interval.
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The company, which holds a 34.22% interest in the Galaz field, said that based on the results the three wells on the assert, it anticipates the total gross production will be around 500 bopd.
"Production at these level at Galaz provides a strong underpinning of the company's valuation ahead of the exiting deep drilling campaign at BNG, which upon receipt of the required regulatory approvals, is scheduled to commence in the autumn," the firm said in a statement.
Roxi holds a 58.4% stake in the BNG block located at the perimeter of the Caspian Sea in Western Kazakhstan.
The share price rose 8.33% to 3.25p by 13:35.
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