logo-loader
viewCaspian Sunrise

Roxi Petroleum pulls back as it awaits analysis of A5 discovery

oil_drill_rig_onshore350_53cf7297a98f1.jpg

Roxi Petroleum (LON:RXP) shares dipped nearly 8% in early deals as it revealed it is waiting to collect core samples from the A5 deep discovery well.

The company said additional heavy drilling fluids are necessary for the process and it is now awaiting delivery.

Once taken the core samples will be analysed to determine the oil bearing horizon and quantify the discovery, Roxi said.

Chairman Clive Carver said: "The board of Roxi remains excited about the discovery and looks forward to updating the market further in due course."

Roxi shares soared almost 300% earlier this month with the news of the A5 discovery, after the company announced it had encountered oil and gas shows at depths below 4,300 metres. It saw the exploration share trade as high as 15.75p from 4p.

Today on AIM, Roxi was down 1.12p or 7.89% at 13.12p.

Quick facts: Caspian Sunrise

Price: 9.9 GBX

AIM:CASP
Market: AIM
Market Cap: £186.38 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

Admedus Ltd proud to unveil its valves publicly for the first time in London

Admedus Ltd's (ASX:AHZ) CEO Wayne Paterson caught up with Proactive's Andrew Scott while in London. The firm recently made what's been described as a transformational move to sell off its CardioCel® and VascuCel® patch business. Paterson says the focus is now firmly on the Adapt...

3 hours, 18 minutes ago

2 min read