Roxi delivers another good drilling result
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.
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.
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
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.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Review: Eden Roc Cap Cana – fun, sun and golf in the Caribbean
Travel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yet
The chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry