logo-loader
viewCaspian Sunrise

Roxi Petroleum looking forward with greater confidence after deep well success

oil_drill_rig_onshore350_54213f6004467.jpg

Roxi Petroleum (LON:RXP) has told investors that it has been transformed by the events of 2014 thus far.

A deep oil discovery in the A5 well on the BNG project is the stand-out value adding achievement – indeed the AIM share is up 223% so far this year.

The well encountered an oil interval in excess of 105 metres and it will be flow tested for thirty days, starting next month.

Roxi then plans to drill another deep well in November.

In the meantime work continues on the smaller, shallower projects where Roxi has also seen progress in the first six months.

“In the short term we will seek to quantify the extent of the discoveries at A5 and in the shallow well complex at BNG,” Roxi chairman Clive Carver said in this morning’s results statement.

“We therefore look forward with greater confidence the ever before to the coming months and years.”

Roxi, which currently has production from shallow wells, reported revenue of US$563,000 and a gross profit of US$166,000 for the first six months of the year, down from US$748,000 and US$178,000 respectively in the corresponding period of 2013.

It ended June with US$361,000 of cash and equivalents, and it revealed that it has now drawn around US$24.5mln from a US$40mln equity line funding.

Roxi also told investors that it has written back US$25mln of a prior US$75mln impairment relating to the BNG project in light of the deep drilling success there.

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...

2 hours, 11 minutes ago

2 min read