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Roxi Petroleum says deep discovery well is exceeding expectations

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The continued analysis of Roxi Petroleum’s (LON:RXP) deep BNG discovery has now revealed gross oil bearing intervals totalling 51 metres.

This is expected to grow further as the company continues to analyse the discovery in the A5 well.

Roxi has now recovered a third core sample from the well, though moving forward it will determine the full extent of the well’s oil bearing intervals by drilling and logging.

Subsequently, once the programme is complete, Roxi intends to flow test the A5 well.

"At more than 51 meters the gross oil-bearing interval at BNG Well A5 now exceeds our initial expectations,” said chairman Clive Carter.

“We remain excited by the potential of the deep horizons at the BNG Contract Area and look forward to the results of the flow test."

Roxi has a 58.41% interest in the BNG contract area, which spans 1,561 square kilometres within the Mangistau Oblast, in West Kazakhstan.

The BNG area also contains smaller, shallower reservoirs in an 800 square kilometre sector called Yelemes.

Here, a separate programme is underway and today updated on Well 143, which was drilled last year.

The company said that the well is now being swabbed prior to testing. Roxi said the well has the potential to significantly extend the producing horizon in this area.

Elsewhere, on the Galaz contract area, the NK-31 well is now being prepared for logging ahead of further testing.

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Price: 3.125 GBX

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