Wednesday, 21 July 2010

Roxi Petroleum vows to continue assessing potential of Ravninnoe

Roxi Petroleum has released a report detailing the initial results of a 90-day production test on Well 20, located in the Ravninnoe field, Kazakhstan. The oil producer drilled in November and December 2009, and found that the well had failed to respond to an acid stimulation of the dolomitic section. Despite the acid being successfully pumped, there has been little improvement from production testing which currently equates to around 120 b/d.

The company has said that testing will continues until the end of July, and Ravninnoe Oil LLP has appealed to the Kazakh Ministry of Oil and Gas to put the well onto continuous production and further evaluate the reserves on the Ravninnoe field.

Roxi Petroleum’s other operations, however, are making solid progress. In the BNG contract area, approximately 40km east of Tengiz, the company put its first well, Well 54, on the South Yelemes field into test production in Q1, which delivered 200 bpd in line with expectations. The second well, Well 805, will be production tested over the second half of this month, with the well testing the Jurassic sands and Lower Cretaceous dolomites, while a third well, Well 806, will spud in the next two weeks, again targeting the Jurassic and Lower Cretaceous intervals. Production of more than 1,000 bpd is expected by the end of the year.

"Whilst Well 20 on Ravninnoe has proved to be challenging, we will continue to assess the potential of this field and address how best to unlock its reserves. In the meantime, we look forward to getting the appraisal results on South Yelemes this summer, and then moving ahead, identifying the resource potential in BNG," said Max Petroleum’s CEO, David Wilkes.

To find out more about Roxi Petroleum please visit Roxi Petroleum’s web site, which you can find here.

For more news and expert analysis about the Caspian region, please see Caspian Focus.

© 2010 Menas Associates

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