CASP Caspian Sunrise Plc

 

TIDMRXP 
 
RNS Number : 3651D 
Roxi Petroleum Plc 
01 December 2009 
 

Roxi Petroleum 
 
 
Galaz Update 
 
 
Roxi Petroleum plc ("Roxi" or the "Company") is pleased to report that its 
subsidiary, Galaz and Company LLP ("Galaz"), the operator of the North West 
Konys Field, in the Kyzylorda Oblast, Central Kazakhstan, has received approval 
from the State Geological Committee of Kazakhstan, for the re-determination of 
GOST reserves on the North West Konys field. Roxi has an indirect participating 
interest in Galaz of 43.4%. 
 
 
The total reserves approved to GOST standards on the Galaz Contract Area are 
14.6 million barrels (1.955 million tons), comprising of 7.2 million barrels 
(0.962 million tons) C1 category, and 7.4 million barrels (0.993 million tons) 
C2 category; against previously reported C1 reserves of zero and C2 reserves of 
12.6 million barrels (1.7 million tonnes). This represents an overall increase 
in C1 and C2 reserves of approximately 16%. Galaz will now submit for approval 
from the State Authorities, development plans for Pilot Production of the C1 
reserves. 
 
 
The Company is currently undertaking a determination of Proven, Probable, and 
Possible reserves under SPE standards in compliance with AIM regulations. 
Operations 
 
 
Exploration well NK22, was spudded by KazRosMunai LLP drilling company on the 
24th November 2009, approximately six kilometres from the North West Konys 
Field. The well is drilling the 295mm section of the well prior to setting 
intermediate casing at 950m. The well is targeted to test Arskum and Upper 
Jurassic sands at a predicted depth 2200m. 
 
 
Further announcements will be made in due course. 
 
 
Qualified Person 
 
 
Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow of the 
Geological Society, London, has reviewed and approved the technical disclosure 
in this announcement. He holds a BSc in Geology and has 25 years international 
experience of exploration, appraisal, and development of oilfields in a variety 
of environments. 
 
 
1 December 2009 
 
 
Enquiries: 
 
 
+---------------------------------------------+---------------------+ 
| Roxi Petroleum plc                          |                     | 
+---------------------------------------------+---------------------+ 
| Clive Carver, non-executive chairman        | +44 207 600 1658    | 
+---------------------------------------------+---------------------+ 
| Rob Schoonbrood, CEO                        | +7 727 244 0920     | 
+---------------------------------------------+---------------------+ 
|                                             |                     | 
+---------------------------------------------+---------------------+ 
| College Hill (Financial PR)                 |                     | 
+---------------------------------------------+---------------------+ 
| Nick Elwes/Simon Whitehead                  | +44 (0) 20 7457     | 
|                                             | 2020                | 
+---------------------------------------------+---------------------+ 
|                                             |                     | 
+---------------------------------------------+---------------------+ 
| Matrix Corporate Capital LLP (NOMAD and     |                     | 
| broker)                                     |                     | 
+---------------------------------------------+---------------------+ 
| Alastair Stratton / Anu Tayal               | +44 203 206 7000    | 
|                                             |                     | 
+---------------------------------------------+---------------------+ 
 
 
 
 
 
 
 
 
Glossary 
SPE - The Society of Petroleum Engineers 
Proved Reserves 
Proved Reserves are those quantities of petroleum which, by analysis of 
geoscience and engineering data, can be estimated with reasonable certainty to 
be commercially recoverable, from a given date forward, from known reservoirs 
and under defined economic conditions, operating methods, and government 
regulations. If deterministic methods are used, the term reasonable certainty is 
intended to express a high degree of confidence that the quantities will be 
recovered. If probabilistic methods are used, there should be at least a 90% 
probability that the quantities actually recovered will equal or exceed the 
estimate. 
 
 
Probable Reserves 
Probable Reserves are those additional Reserves which analysis of geoscience and 
engineering data indicate are less likely to be recovered than Proved Reserves 
but more certain to be recovered than Possible Reserves. It is equally likely 
that actual remaining quantities recovered will be greater than or less than the 
sum of the estimated Proved plus Probable Reserves (2P). In this context, when 
probabilistic methods are used, there should be at least a 50% probability that 
the actual quantities recovered will equal or exceed the 2P estimate. 
 
 
Contingent Resources 
Contingent Resources are those quantities of petroleum estimated, as of a given 
date, to be potentially recoverable from known accumulations, but the applied 
project(s) are not yet considered mature enough for commercial development due 
to one or more contingencies. Contingent Resources may include, for example, 
projects for which there are currently no viable markets, or where commercial 
recovery is dependent on technology under development, or where evaluation of 
the accumulation is insufficient to clearly assess commerciality. Contingent 
Resources are further categorized in accordance with the level of certainty 
associated with the estimates and may be sub-classified based on project 
maturity and/or characterized by their economic status. 
 
 
GOST Standard Reserves 
Category C1 
C1 reserves are computed on the basis of results of geological exploration work 
and production drilling and must have been studied in sufficient detail to yield 
data from which to draw up either a trial industrial development project in the 
case of a natural gas field or a technological development scheme in the case of 
an oil field. 
 
 
Category C2 
C2 reserves are preliminary estimated reserves of a deposit calculated on the 
basis of geological and geophysical research of unexplored sections of deposits 
adjoining sections of a field containing reserves of higher categories and of 
untested deposits of explored fields. The shape, size, structure, level, 
reservoir types, content and characteristics of the hydrocarbon deposit are 
determined in general terms based on the results of the geological and 
geophysical exploration and information on the more fully explored portions of a 
deposit. Category C2 reserves are used to determine the development potential of 
a field and to plan geological, exploration and production activities. 
 
 
Category C3 
C3 resources are prospective reserves prepared for the drilling of (i) traps 
within the oil-and-gas bearing area, delineated by geological and geophysical 
exploration methods tested for such area and (ii) the formation of explored 
fields which have not yet been exposed by drilling. The form, size and 
stratification conditions of the assumed deposit are estimated from the results 
of geological and geophysical research. The thickness, reservoir characteristics 
of the formations, the composition and the characteristics of hydrocarbons are 
assumed to be analogous to those for explored fields. Category C3 resources are 
used in the planning of prospecting and exploration work in areas known to 
contain other reserve bearing fields. 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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