viewCaspian Sunrise

Roxi Petroleum shares soar on new Kazakhstan discovery


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

Price: 9.35 GBX

Market: AIM
Market Cap: £176.03 m

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