logo-loader
viewCaspian Sunrise Plc

Roxi Petroleum shares soar on new Kazakhstan discovery

share_price_up350_53bceeebc0bc0.jpg

Roxi Petroleum (LON:RXP) shares soared in early deals, rising over 80%, following an oil discovery in the flagship BNG project, in Kazakhstan.

The group’s first deep well on the BNG area has detected oil and gas shows at a depth of 4,332 metres, it said.

Once clean-up work is complete, core samples will be taken to determine the size of the oil bearing column.

Roxi chairman Clive Carver said: "We are naturally delighted with these early indications and look forward to quantifying what has been discovered in the coming days and weeks."

The well has a planned total depth of 4,700 metres and the principle target was anticipated a depth of around 4,390 metres, in the middle Carboniferous formation.

On AIM, Roxi shares rose more than 80% in early deals to trade as high as 7.75p.

Roxi has a 58.41% stake in the BNG project.

Quick facts: Caspian Sunrise Plc

Price: 3.275 GBX

AIM:CASP
Market: AIM
Market Cap: £61.95 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

Smart Metering Systems boss expects to be at the forefront of UK's zero...

Smart Metering Systems PLC's (LON:SMS) chief executive Alan Foy says it has £76mln indexed linked annualised recurring revenues on the books with at least an additional £40mln in waiting when it converts its minimum secured order book of 2mln to smart meters. Foy explains that the company gets...

10 hours, 11 minutes ago

2 min read