London-listed junior Roxi Petroleum said a third core sample on its Airshagyl 5 (A5) deep well suggests the Kazakh onshore probe has uncovered a 51-metre gross oil interval.
The AIM-listed company’s stock was trading up 9% at £0.18 following the announcement on Tuesday morning.
Chief executive Clive Carver said that "the gross oil-bearing interval at BNG Well A5 now exceeds our initial expectations”.
The explorer said it now intends to determine the full extent of the oil-bearing interval by drilling and logging, and once this has been completed and after delivery of additional equipment Roxi intends to put the well on flow test.
The Kazakh-focused junior’s stock ballooned in early July when it first revealed that the pre-Caspian permit’s maiden deep probe had encountered oil and gas shows at a depth of 4332 metres on its way to total depth of 4700 metres.
After drilling to total depth and gathering three core samples the explorer now believes the interval extends from 4332 to 4383 metres in depth at the play.
Roxi Petroleum holds a 58.41% interest in the 1561-square kilometre BNG Contract, situated 40 kilometres southeast of Tengiz on the edge of the Mangistau region.