Introduction to AIM in May 2007. Market Cap 64million at placing price of 38p per share.
Raised 39million from Institutions for building a portfolio of oil and gas assets in Central Asia.
Completed purchases of Ravninnoe and Beitars oilfields.
Strengthened company infrastructure.
Further aquisitions for 95million on 3 oilfields at North Karamandybas in Western Kazakstan. Value greater than current M Cap so treated as a reverse takeover, hence companies suspension from trading.
Option to aquire 50% intrest of two assets in Aktobe Oblast for 213million to be paid by cash or further flotation or a mixture of the two. Ownership of this asset is being contested in the courts and a decision is being currently awaited.

New blog post with my commentary on today's RNS:

http://roxi-petroleum.blogspot.com/2010/02/roxi-releases-operational-update.html

http://www.stockopedia.co.uk/forum/view/37233-roxi-petroleum-rxp-operational-update

Not accepting this now?

Seems below radar but come the 28thFeb Oilvarrel coverage will help.

Some excellent news,

11 February 2010

Roxi Petroleum plc

Sale of Galaz Interest

Roxi Petroleum plc ("Roxi" or the "Company")(ticker: RXP) is an AIM listed exploration and production company operating in Kazakhstan.

Highlights:

Back to back agreements signed on Galaz:
- LGI to purchase a 40 per cent. interest in Galaz
- LGI financing $26 million for appraisal & development of NW Konys field
- GEBV to sell 40 per cent. interest in Galaz and will receive $24 million from LGI

Galaz

Roxi is pleased to announce that, together with its partners Roxi's indirect 59 per cent. owned subsidiary Galaz Energy BV ("GEBV"), it has agreed through back to back agreements to sell a 40 per cent interest in the operating company for the NW Konys Field, Galaz and Company LLP ("Galaz") to the Korean multinational trading company LG International Corp. ("LGI") for US$15.6 million. In addition, LGI will pay US$8.4 million for a 40 per cent. interest in existing debt of an equivalent value, which will be repayable through future production. LGI will also provide financing to Galaz of up to $26 million for appraisal and development of the NW Konys field. Management considers these funds will be sufficient to finance this project through to commercial production. GEBV currently has a 73.4 per cent. interest in Galaz, but as part of the back to back agreements GEBV will acquire a 24.6 per cent of Galaz from its other local partners. Following the sale of 40 per cent. of its interests to LGI, GEBV will retain a 58 per cent. interest in Galaz.

As part of the above arrangements, Roxi has varied the terms of the previous agreement with KazRozMunai LLP, announced on the 19 November 2008, such that GEBV will now pay for services provided towards the work programme, rather than transferring any equity participation in Galaz to KazRozMunia LLP. Together the above are referred to as the "Galaz Agreements."

The Galaz Agreements are subject to due diligence by LGI and the receipt of certain waivers from the regulatory authorities. However, if the Galaz Agreements are completed as expected by Roxi management, the company will retain an indirect 34.2 per cent. participating interest in Galaz, and be provided with approximately US$10 million funding available for other assets.

David Wilkes, CEO of Roxi Petroleum said

"Completion of the Galaz agreement with LGI will mark a turning point for Roxi. Not only would we retain a meaningful interest in this producing asset, but we would secure substantial funding of its work programme commitments. This together with our recent completion of our farm out deals with Canamens puts Roxi in a strong position to develop its existing assets and achieve production by the end of the year."

cyril

Todays news seriously de-risks RXP and yet little SP movement making an
ideal chance to buy in/top up.The only reason imv market is waiting on the Greek salvage plan,perhaps prudent to hold back until the result is known,but as i said a great buying opportunity?
aimho
cyril

New CEO buys at 1st opportunity.

The Company was notified on 11 February 2010, David Wilkes, Chief Executive Officer of the Company, acquired 262,000 Ordinary Shares in the Company on 11 February 2010, at a price of 9.5 pence per share:

cyril

Following the issueing of options at 12p and nicely tined prior to Oil Barrel
presentation(just starting),some excellent news which de-risks the compamy.


Kazakhstan oil explorer, Roxi Petroleum says that it has made a second discovery on the Galaz Contract Area, encountering 12.8 metres of net pay in good quality lower Cretaceous, and Upper Jurassic aged reservoir formations.

CEO David Wilkes states: "This represents the sixth consecutive oil well drilled by Roxi in the past 14 months.

" It is an exciting discovery of a satellite accumulation to NW Konys field in the Galaz Contract Area which will allow Roxi to add to pilot production expected to start in Q2."

cyril

http://roxi-petroleum.blogspot.com/2010/02/roxi-petroleum-rxp-oil-barrel-report.html

And about the Galaz discovery:

http://roxi-petroleum.blogspot.com/2010/02/roxi-petroleum-rxp-announces-galaz.html

kiwi7 yjanks for your efforts,mudh appreidated.

David Wilkes CEO. has taken this opportunity to increase his holdings by a further 102,000.
cyril

It's a shame the market doesn't appreciate it but I guess we have to accept it is going to be a long haul

DD i agree but with LGO now invovled it seems (via Galaz)an offer will come somewhere down the line and meanwhile a safe looking set of fundimentals?
cyril

Up a touch again this morning, but so much more to come.

From yesterdays share mag,
kazakh based oil explorer roxi petroleum is set for a packed 2010 work programme that should produce steady news flow to support its share price. A reserves upgrade could also follow before the end of the year to act as a further catalyst making the shares a buy at 9.75p.

The group plans to drill around 19 exploration, production and appraisal wells over the next 12 months and should be fully funded for this activity after signing a farm out agreement with private oil firm canamens on its core BNG block in October last year, it also agreed to sell a 40% stake in the Galaz joint venture company, which operates the NW Konys oil field to Korean multi-national LG International earlier this month. Combined with the farm out to Canamens of part of its stake in the Ravinnoe field back in 2008, the deal has brought around $120 million worth of investment into its acreage.

The 40 million market caps strategy involves bringing proven undeveloped discoveries in Kazakhstan onstream using modern technologies and drilling techniques. By the end of 2010 the company, which is not yet producing oil say its output will be around 2,000 bopd.

Roxi has five main blocks in the country the aforementioned Rav, BNG and Galaz assets as well as the much smaller Munaily oil field and Beibars exploration block. The company is looking to farm out its interest in the latter at some point this year. Shares Says....The companys 2010 work programme is impressive and should prompt an increase in the share price

And this am the new CEO buys his 3rd lot if shares in 15days.
News on the horizon.
cyril

Creeping slowly back towards where I plunged in some 18 mnths ago.

To think it was meant to be a day trade and I was up at one point!!

Good volume and a nice rise,ccould it be that news is about to be released?
cyril

Having sold out in 2008 at @30p I have just bght in again at 11p--today--very good news i hear is on the way --the shares should be re-rated soon and will continue in their upward trend guys-LOL--BUY!!

Going well this am,trying for 12p with all buys so far.
cyril

Todays RNS seriously de-riske this stock and is now cheap imho?

Roxi Petroleum plc
Operational Update

Roxi Petroleum plc ("Roxi" or "the Company"), the Central Asian oil and gas
company with a focus on Kazakhstan, is pleased to announce the following
operational update:

BNG South Yelemes Well 54 tests 200 barrels of oil per day and a rig is on
location to spud Well 805
BNG seismic acquisition starts on 895 square kilometre programme
Ravninnoe well 20 tests 240 barrels of oil per day, with acid stimulation
planned
Galaz pilot production approval now expected in May 2010 and well NK22
test results imminent
Munaily moving to commercial production

BNG (Roxi Interest 23.41%)
South Yelemes Field
The Company is pleased to announce the successful re-entry and testing of well
54, on the South Yelemes field, which was drilled to a total depth of 3250
metres. Upon testing the lower interval (starting from 2223 metres) the well
flowed oil and formation water at rates up to 90 barrels per day due to water
influx behind the casing, from a deeper water leg. After isolating the lower
interval with a cement plug, the upper interval, across Upper Jurassic sands at
a depth of 2212 metres, tested at an initial rate of 200 barrels of oil per day
on a 5mm choke. The well will be put onto a 90 day production test prior to
pilot production.
Well 54 was originally drilled in 1988 and the reservoir was severely damaged
during abandonment. Roxi is very pleased to have re-entered this well and
achieved the production of dry oil. Furthermore, Roxi believes new wells should
produce at significantly better rates.
BNG is also preparing to spud the first of two appraisal wells (805 and 806) on
the South Yelemes field in mid-April. The drilling contractor, SNGS LLP, is
completing safety inspections before hand-over of the rig to BNG. Well 805 will
be drilled to 2500 metres to test two oil bearing Callovian sand intervals, one
of which is producing in well 54. Following the cementing of production casing,
the rig will move directly to the well 806 location which is being prepared for
its arrival. Both wells have secondary targets in the upper part of Middle
Jurassic formations. The wells are expected to take 30 days each to drill and
following approvals for pilot production from the Kazakh authorities (currently
applied for), they will be put onto production. After drilling wells 805 and
806, BNG is scheduled to drill between 3 and 6 further wells in 2010 to test
other post-salt targets identified from 2009 seismic interpretation at between
1700m and 3000m depth. Drilling new exploration targets is expected to provide
rapid organic growth to BNG's reserves base and production.
The Company currently estimates South Yelemes recoverable reserves to be: P90
6.7 million barrels, P50 12.5 million barrels, P10 20.1 million barrels.
Following the appraisal drilling SPE reserves will be estimated later in the
year.
3D Seismic Programme
BNG has mobilised the seismic contractor, Dank SIF LLP, to the contract area and
commenced parameter tests prior to acquiring a total of 895 square kilometres of
3D data over the summer months. This represents some 46% of the contract area
in coverage, which together with the 2009 3D seismic acquisition means that BNG
will have 3D seismic data over 80% of the block. The remaining 20% of the block
is scheduled for 3D seismic acquisition during 2011.
Ravninnoe (Roxi Interest 30%)
Well 20 drilled in November and December 2009, was perforated over a cumulative
18 metre interval of Middle Carboniferous dolomites and limestones on 26 March
2010. The well flowed at initial rates of 240 barrels of oil per day on a 4mm
choke and has confirmed a 30 metre dry oil column. Ravninnoe plans to put the
well on long term production test while preparing acid stimulation of the well
to enhance productivity.
These results support the Company's initial estimates of up to 60mmbbls of oil
in place (gross) in Upper and Middle Carboniferous reservoirs over the Ravninnoe
structure. Following the successful confirmation of dry oil in the upper
intervals and after long term production testing, the Company will also evaluate
lower intervals for perforation.
Roxi has, together with Canamens Energy BV (32.5% interest) ("Canamens"), signed
an agreement with the Kazakh partners (none of whom are related parties) who
together hold a 37.5% interest in Ravninnoe Oil LLP, to facilitate the continued
testing of well 20, and future operations. The deal, in the form of a Sale and
Purchase Agreement, sets out the terms of assignment of interest (subject to
State approval) should the Kazakh partners not be in a position to fund their
share of the work programme in the future.

Galaz (Roxi Interest 50.14%)
NW Konys Field Pilot Production
The pilot production project submitted for approval in December 2009, still
awaits final approval from the authorities. It is anticipated that approval
will be granted in May 2010, allowing pilot production to commence immediately
thereafter. Galaz currently has five production wells, which have a combined
production rate of 1,200 barrels of oil per day based on the tests carried out
during 2009. The pilot production will include a further four wells to be
drilled later this year. In the meantime Galaz is installing a beam pump on
well NK4, which will produce test oil until pilot production begins. McDaniel &
Associates have been engaged to audit the reserves upgrade on the NW Konys
contract area.
Well NK22
Galaz and Company LLP have mobilised the work-over rig and test facilities on
well NK22 and are currently finishing preparation of the borehole for
perforation of a 14m interval of the lowest Cretaceous Arskum sandstone
reservoir and test results will be announced in due course.

Munaily (Roxi Interest 58.41%)
The Ministry of Oil and Gas for Kazakhstan has granted Munaily permission to
proceed to a 19 year production phase of the Sub-Soil User Contract. Munaily is
currently undertaking field development planning, and production facility
designs with local institutes in order to comply with the required procedures to
gain the necessary approvals for production later this year. Roxi anticipates
that Munaily Field will be capable of producing between 300 and 400 barrels of
oil per day, however, initial production will start at 80 barrels of oil per day
from well H1.

David Wilkes, CEO said
"The first quarter has shown progress across all four assets. I am particularly
pleased that we are selling our first oil from BNG, with the likelihood of sales
from four assets by July. This test and pilot production will mean that we can
expect to achieve further reserves in the near future "

Qualified Person
Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow in 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
cyril

Promising, very...promising....sp might creep up to 15p or so....

Not now,


Roxi Petroleum ("Roxi" or "the Company")

Operational Update

Roxi Petroleum ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following operational update:


BNG - First tranche of 3D acquisition completed over North Yelemes
Ravninnoe - Well 20 ready for 90 day production test and acidisation
Galaz NK22 testing delayed and remedial action required


BNG (Roxi Interest 23.41%)

South Yelemes Field

Well 805 has set the 9 5/8 inch casing (at a depth of 803 metres) and is drilling ahead towards the target Jurassic section and planned total depth of 2500m.

3D Seismic Programme

Seismic contractor, Dank SIF LLP, has completed the northern section of the 3D seismic programme on the contract area. BNG is currently evaluating bids for seismic processing and will be awarding the seismic processing contract shortly. Priority will be given to processing and interpretation of this first tranche of data to delineate exploration potential on the North Yelemes area.

Seismic acquisition has now started on the southern area and is scheduled to be completed in August 2010.

Ravninnoe (Roxi Interest 30%)

The work-over rig has been released and demobilised from Well 20, and the well prepared and connected up to production facilities for 90 day production testing and acid stimulation, scheduled to begin during May 2010.

Well 20 was drilled during November and December 2009 and perforated over a cumulative 18 metre interval of Middle Carboniferous dolomitic carbonates on 26 March 2010. The well flowed at initial rates of 240 barrels of dry oil per day.

Galaz (Roxi Interest 34.2%)

Well NK22

Initial attempts to perforate and test the Arskum sandstone have proved to be unsuccessful due to a poor cement bond and subsequent water influx from behind casing. Galaz is currently preparing plans for remedial action, most likely to be cement squeeze and reperforation. Under the terms of the recently announced Sale and Purchase Agreement ("SPA"), further operations will wait until the Company's new partner, LG International, have reviewed and approved the programme. Before closing of the SPA which will be subject to various State approvals, the parties have agreed to revise the operating company (Galaz and Company LLP) constituent documents such that LG International will have operational control of the sub-soil user contract.
cyril