Roxi Petroleum strikes oil interval at flagship well

Roxi Petroleum reported progress at its flagship BNG asset as it posted an operational update.

The Central Asian oil and gas company with a focus on Kazakhstan said that a gross oil-bearing interval of at least 105 metres, from 4,332 metres to 4,437 metres, was found at its Deep Well A5.

The well, which was spudded in July 2013, will require specialist equipment for a more comprehensive 30-day core sampling test, but has already began preparatory extraction work.

Elsewhere, Deep Well 801, spudded in December 2014, is in the production test phase.

"Progress at the BNG deep wells can best be described as steady," said chairman Clive Carver. "We look forward to reporting the results of our ongoing work in the near future."

As of 11:30 BST, Roxi Petroleum was trading 3.1% higher at 15p.