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