LONDON (ShareCast) - Roxi Petroleum’s shares rose Monday after the company said oil has been indicated in the first interval of its flagship Well 806 in Kazakstan following initial tests.

"A reliable figure for anticipated daily production from this interval should be known in the next few weeks," Roxi said.

The first interval is being tested between 2,022 and 2,032 metres. Once testing of the first interval has been completed, the second interval between 1,998 and 2,015 metres will be tested before testing the next interval between 1,985 and 1,994 metres.

"The sequential nature of these tests may mean that the full test results for the three intervals at Well 806 is not likely to be known before the end of May 2013," the group added.

Roxi has three wells at South Yelemes. Well 54 is a Soviet era well that was re-entered in 2010 and wells 805 and 806 were drilled in 2010. Testing of the wells was delayed pending changing farm-in partners.

RD

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