logo-loader
viewCaspian Sunrise

Roxi Petroleum spuds NK-10 well in Kazakhstan

bayterek_4ed4b3f0746dc.jpg

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

Price: 8.04 GBX

AIM:CASP
Market: AIM
Market Cap: £151.37 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

discoverIE Group CEO talks strategy, focus on growth markets and future...

discoverIE Group PLC's (LON:DSCV) Nick Jefferies says the company's strategy is very simple and has been the same for over ten years. ''We aim to grow revenue ahead of GDP and we aim to do that by focusing on growth target markets, we aim to increase our operating  margins by buying more...

1 hour, 27 minutes ago

2 min read