The company today revealed that oil has flowed from the A5 discovery well only for short periods, due to issues relating to pressure. These short periods were insufficient to obtain a reliable measurement to quantify possible oil flows, it added.
Oil recovered so far has been described as “good quality light oil” that is brown in colour with a blue hue, without hydrogen sulphide.
Preparation work for well testing continues as planned, Roxi said.
A 30 day well test will begin once drilling fluids have been fully cleaned from the well and any necessary new equipment has been installed.
"The preliminary view at our deep well A5 is that the reservoir is oil bearing and the quality of the oil is good,” said chairman Clive Carver.
“The next step remains to assess how much recoverable oil we have."
Roxi, meanwhile, also updated investors on the ongoing testing in the BNG shallow wells where four wells have produced oil at rates that the company considers commercial. Another well, however, flowed water with an oil ‘sheen’, though other intervals in the well will also be tested.
In the Galaz area, the NK-31 has now been drilled and has not detected oil, though as previously reported there were gas shows.
On AIM Roxi’s shares fell 3.6p or 20.2% in early deals to trade at 14.25p each.