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Roxi Petroleum 'extremely pleased' with NK7 flow rates, shares surge

Published: 10:27 18 Jul 2012 BST

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Roxi Petroleum (LON:RXP) surge din early traded after reporting “extremely pleasing” flow rates from its NK7 well on the NW Konys field in Kazakhstan.

In June, the company perforated a 7.5 metre section of the well and, following a brief clean up, the well was closed to allow a build-up of oil. The well was opened on June 30 with rates varying between 51 and 449 barrels of oil per day (bopd) before stabilising at 300 bopd on July 1.

On July 4, the well was opened again and flowed at 335 bopd using a 7mm choke and a week later flowed at between 530 and 620 bopd at an 8mm choke.

Additionally, Roxi reported that the NK14 well has reached its total depth of 1,378 metres and it will decide whether to test the well after wire logging.

“We remain extremely pleased with the performance of NK7 and look forward with interest to the wire logging results on NK14,” said chairman of Roxi Clive Carver.

Shares in Roxi rose 7.5 percent to 3.5 pence by 10am, valuing the group at £21.3 million.

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