Roxi Petroleum Announces Operational Update

Friday, Feb 10, 2012

Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to update the market with regard to BNG well 136.

The well, which is on the North Yelemes structure and is planned to be drilled to a total depth of 2,950 metres was spudded on 16 December 2011. At the time of spudding, drilling was expected to take approximately 40 days. However, the severe weather in the area, with minus 30 degree temperatures and high winds, for much of the past month, has meant that we have experienced a series of interruptions to our operations, and consequently the drilling timetable has been delayed.

On Tuesday, 7 February 2012, the drilling had reached 1,947 metres and the total depth of 2,950 metres is now expected to be reached in early March, assuming weather conditions improve in the next two weeks.

The exploration well is targeted to encounter Jurassic Bajocian sands at a depth of 2,550 metres and a secondary objective in the Triassic sands at a depth of 2,840 metres.

David Wilkes, CEO commented,

"We continue to prioritise the health and safety of our employees and contractors during this period of particularly harsh weather conditions. We plan to resume drilling within the next few days, as weather conditions improve, and we will update the market as soon as we have reached our target depth."

Source: Roxi Petroleum

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