Oil and gas company Roxi Petroleum PLC
said Monday it will focus on 30 oil exploration targets with a total
potential
of over 500 million barrels of oil in the BNG exploration area in Kazakhstan.
Roxy said the potential size of the prospects range between 3 million to
80
million barrels of oil.
The company said that according to an independent analysis, the
geological
chance of success for the majority of the prospects ranged from around
20% to
over 80% in one or two cases.
Chief Executive David Wilkes said the increased number of prospects reconfirms
the group's belief that BNG is an attractive exploration block.
Roxi now has a "clearly focused strategy to evaluate and explore the
potential of this block" and is preparing drillable locations for the
second half of 2012, it said.
Roxy will, in the meantime, focus on finalizing the project work for initial
oil production from the South Yelemes
structure in the BNG area, expected to start in the fourth quarter of 2011.
The company holds a 58.41% net interest and operational control of the area.