Eric Watkins
Senior Correspondent
LOS ANGELES, Mar. 3 -- Roxi Petroleum PLC has announced that it will buy a 59% stake in Eragon Petroleum PLC, which owns three exploration and development assets in western Kazakhstan.
Eragon's assets include the BNG, Galaz, and Munaily contract areas in the Pre-Caspian and Turgai basins. According to Eragon, BNG field has 21 exploration leads, while a discovery at Galaz has near-term production potential.
Formed in October 2006 with a view to developing oil and gas assets in Central Asia, Roxi is finalizing other agreements aimed at acquiring 50% interests in three contract areas in Kazakhstan's Caspian region.
The three contract areas include Ravninnoe, North Karamandybas, and Beibars fields. The three areas cover a total 295 sq km and are reported to have probable and possible reserves of about 24.8 million bbl of oil.
Roxi has committed to drilling five exploration wells in Ravninnoe field, which covers 121 sq-km about 100 km northeast of giant Tengiz field.
The firm will drill three exploration wells in North Karamandybas field, which lies in the South Mangishlak basin about 120 km east of the Caspian port city of Aktau.
Beibars field, meanwhile, covers a 167 sq-km area on the Caspian coast.
Contact Eric Watkins at [email protected].
