20th May 2015 12:45
LONDON (Alliance News) - Roxi Petroleum PLC Wednesday said it expects the sale of its Galaz contract area in Kazakhstan to complete by the end of May and said it will get USD2.3 million more from the sale than previously anticipated due to a rise in oil prices since the deal was struck in February.
Roxi sealed a deal in February to sell its equity and debt interests in the Galaz contract area in Kazakhstan for net proceeds of USD20.7 million to a consortium led by Chinese firm Xinjiang Zhundong Petroleum Technology Co.
As a result of the rise in Brent crude since the deal was announced, Roxi will now get USD23 million from the sale, it said.
Roxi shares were up 2.5% to 15.5 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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