LONDON (ShareCast) - Central Asian oil and gas company Roxi Petroleum disappointed investors with news that its A5 discovery well had flowed for only short periods, which was not enough to gain a reliable measure on quantity.
The AIM-listed group explained that while the oil recovered was of a good quality, it didn't contain any hydrogen sulphide.

It plans to begin an "all important" 30-day flow test once the drilling fluids have been fully cleaned out from the well, which is situated in central Kazakhstan.

Chairman Clive Carver said: "The preliminary view at our deep well A5 is that the reservoir is oil bearing and the quality of the oil is good. The next step remains to assess how much recoverable oil we have."

Shares had declined 25.52% to 13.37p by 13:39.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE