Roxi Petroleum is looking to speed up exploration in its Kazakhstan prospect after being hit by a series of operational delays in recent months.
The Kazakhstan-based oil and gas company announced its multi-well development programme for the BNG licence, in western Kazakhstan.
Roxi’s majority-owned subsidiary BNG LLP has identified locations for two out of five deep wells to be drilled in the prospect by June 2015.
The first deep well, designated Well A5, was spudded in July 2013 and is set to be drilled to an estimated depth of 4,700 meters.
The company is also looking to drill its sixth shallow well in the prospect, following the casing of well 807 which is set to bump the production from shallow wells in the field to 1,200 barrels of oil per day (bopd) when it starts flowing.
The company is funded to explore the BNG prospect, of which it holds a 58.41% interest, as part of a $40million equity funding commitment from January 2013.
Since its last operational update the firm experienced a number of delays from obtaining operational permissions from local authorities.
“Roxi remains well placed to continue to build on the successes of 2013,” said Roxi’s chairman, Clive Carver.
“Most importantly we have the funding in place to continue our multi-well development programme.
“We believe with the early indications from Well 807 that the shallow wells at BNG have already demonstrated themselves to be commercial and we are poised to discover in the first quarter the value of the BNG’s deeper prospects.”