Shares of Kazakhstan focused Roxi Petroleum rose 10% after the Kazakh government gave the green light to gas flaring on the NW Konys Field for the next two years.
The Republic of Kazakhstan's Ministry of Oil & Gas approval, for the period 2012 to 2014, is the final regulatory consent needed before pilot production can start on the NW Konys Field.
CEO David Wilkes commented, "We and our partner LGI are now in a position to commence pilot production from two of our wells on NW Konys and at the same time will test the outcome of wells NK 9 and NK 10 in early in 2012."
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
Roxi now expects Well NK 4 & NK 6 will be put into pilot production in the first quarter 2012.
--
cj
-
M&S and Tesco among those warning of a £7bn Budget hitSeventy-nine UK retailers have written to Chancellor Rachel Reeves about possible price rises and job cuts - here is what it means
-
How much does it cost to move home under the Labour government?Home-moving costs are rising and could get more expensive once stamp duty thresholds drop in April 2025
