OilVoice Morning Movers - Roxi Petroleum, Kea Petroleum and Red Emperor Resources

Wednesday, August 15, 2012

Roxi Petroleum (LON:RXP) announced this morning that its NK8 well had reached a total depth of 1378 metres on 14 July 2012.

Clive Carver, Chairman said: "The results from NK8 when taken together with test production from NK6 and NK7 will mean production from Galaz at around the 500 bopd level.

Production at these level at Galaz provides a strong underpinning of the Company's valuation ahead of the exiting deep drilling campaign at BNG, which upon receipt of the required regulatory approvals, is scheduled to commence in the Autumn."

Broker FoxDavies said: 'We are upbeat about the Company's prospects given on-going pilot production and appraisal programme at Galaz field and expectation of full commercial production at Munaily field later in 2012. The Company is making decent progress across all its four blocks which bodes well for the share price.'

Roxi Petroleum are currently trading at 3.42 pence a share, up 14.00% on opening.

Kea Petroleum (LON:KEA) announced encouraging production test results from its Puka 1 production testing.

Ian Gowrie -Smith, Kea Chairman said: "Kea believes it is now on the brink of becoming a commercial oil and gas producer as well as an explorer. Early test production results from Puka 1 are most encouraging. Further testing of Puka-1 should enable us to establish reservoir size and the commercial consequences of this discovery."

Broker FoxDavies commented on todays announcement saying 'Expect positive movements today.'

Kea Petroleum are currently trading at 9.00 pence a share, up 10.77% on opening.

Red Emperor Resources (LON:RMP) shares have risen by 5.75% this morning and are currently trading at 9.65 pence a share.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

  • Nanotechnology hits the oilpatch
    Dropping energy prices—for both oil and natural gas—has investors and analysts checking to see what the break-even price is for oil production in each play ...
  • Eight pieces of our oil price predicament
    A person might think that oil prices would be fairly stable. Prices would set themselves at a level that would be high enough for the majority of producers, so ...

» More Opinion & Commentary         » Write for us             RSS RSS

Oil & Gas Training

Mastering 4D Seismic
Ian Jack, London, 06 Nov 2014

Petroleum Geology of West Africa
Duncan Macgregor, London, 12 Nov 2014

Introduction to Contingency Planning: The value to oil and gas companies in high-risk areas
Mark Theobald, London, 18 Nov 2014

All Upcoming Training


Opinions & Commentary

Oil price, Shell, Cairn, Gulf Keystone, Sundry-Eni-Afren-NTOG- And finally...

by Malcolm Graham-Wood

Read More »