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Roxi Petroleum spuds NK-10 well in Kazakhstan


Roxi Petroleum (LON:RXP) has spudded the NK-10 well to appraise the Arskum discovery in the NW Konys field in Kazakhstan, which follows the successful NK-9 well.

Drilling operations on the NK-10 well are expected to take around 30 days to complete.

A week ago, the Kazakhstan focused oil and gas company told investors that NK-9, which also targeted Arskum, intersected oil bearing reservoir sands in the Upper Jurassic section. Roxi said NK-9 confirmed its understanding of the oil in place on NW Konys.

NK-9 will be perforated and tested upon final interpretation of the wireline logs data from the well.

“This is the next planned appraisal well on NW Konys that should firm up our understanding of the amount of oil in place, as well as provide us additional information on the reserves within the existing reservoir,” said chief executive of Roxi Petroleum David Wilkes.

Roxi said the three well campaign across its assets, which includes NK-9 and NK-10 and another well that will be drilled before the end of the year, marks the start of the next phase of its operational activity.

The company has previously said that it has mobilised a drilling rig to the North Yelemes prospect, also in Kazakhstan, planning to spud a well there during November.

Shares in Roxi were unchanged at 3.75 pence this morning, giving the company a market cap of £22.9 million.

Quick facts: Caspian Sunrise Plc

Price: 2.945 GBX

Market: AIM
Market Cap: £55.71 m

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