Roxi Petroleum: 1H Results – Galaz Profit at $19m, Reviewing New Well Construction Bids
Roxi Petroleum plc, the Central Asian oil and gas company with a focus on Kazakhstan, announces its unaudited results for the six-month period ended 30 June 2015.
Highlights
Operational
During the period under review
– Deep Well A5: Clean up work largely completed by May 2015
– Deep Well 801: Drilled to 5,050 meters without incident
Subsequently
– Deep Well A5: Side track drilling completed to a depth of 4,400 meters and preparatory work underway to commence 90 day well test
– Deep Well 801: testing commenced with gas detected and shows of oil
– New discovery at Shallow Well 143, which is producing at the rate of 100 bopd
– Aggreate production from the BNG shallow wells 453 bopd (265 bopd net to Roxi)
– Aggregate production from Munaily 145 bopd (85 bopd net to Roxi)
Financial
During the period under review
– Operating profit for the period of $19 million (2014: $23.7m)*
– Profit on the sale of Galaz $18.7 million
– Proceeds from the sale of Galaz attributable to Roxi to develop BNG $23 million
– Proceeds from the sale of Galaz available to Roxi and Baverstock to develop BNG $34 million
Subsequently
– All proceeds due from the sale of Galaz received (excluding $1.2million retention)
– Uncapped BNG Royalty cancelled
– Rig quotes for proposed new 5,000 meter deep wells halved from $15 million to $7.5 million
– Devaluation of the Tenge vs US$ significantly reduces operating costs going forward
* included a $25 million revaluation at BNG
