Roxi Petroleum's (RXP) Beibars 50% owned contract area is about 40km from Aktau and 14km NW of the Oimasha field in quite a prolific hydrocarbon bearing area in the Mangishlak basin in Kazakhstan. In the 2008 Visor Capital Presentation (slide 6) it was described as one of the longer term, high impact blocks in the portfolio.When Roxi Petroleum acquired the acreage they didn't think that there had been any Soviet-era exploration. But they have now "found" two old wells. The first encountered oil and the second flowed a small amount of gas.
However, the block is currently under a "military polygon" which has invoked "force majeure". So, as there can be no further activity until this is resolved, we shall have to wait to see just how prospective this block may be.
In the announcement of 3 February 2010 Roxi Petroleum stated they were "evaluating the potential of the block" in anticipation of lifting of the "Force Majeure". Perhaps a sign that things are starting to move forwards.
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