Roxi Petroleum Issues Licence extension and operational update

July 14, 2014

Roxi Petroleum has won an extension of its licence at the Galaz Contract Area for a further two-year period to 14 May 2016, the company reported in a news release.  The licence has been extended on the current pilot production basis, although at the request of Galaz LLP may be converted to a full production licence.
 
the company also reported that its Well NK-31 has been spudded and is to be drilled to a total depth of 2,500 meters targeting the Middle Jurassic. The well is expected to reach Total Depth by the end of July 2014. It is being drilled on the main contract area.
 
Drilling has reached a depth of 2,350 meters without incident. Core samples taken between 2,070 and 2,079 meters in the Karagansaisky horizon contain an interlayering of argillite and conglomerates.
 
High gas shows were detected when drilling at the depth of 2,283 meters (Doshan Suite). Core samples have been taken between 2,283 and 2,292 meters and preliminary, analysis shows the core consists of sandstones.
 
A further announcement on this well will be made in due course when the results of  further analysis are available.

Source: Roxi Petroleum, 2014.