22nd Dec 2009 10:32
Roxi Petroleum ("Roxi" or "the Company")
Completion of the part disposal of BNG
22 December 2009
BNG Completion
Roxi is pleased to announce that the part disposal of BNG ltd LLP and its assets ("BNG") approved by Roxi shareholders on 17 November 2009 has been completed. Accordingly, Roxi's subsidiary, BNG Energy B.V, has transferred a 23% interest in BNG to Canamens BNG B.V. ("Canamens") in return for BNG funding commitments of $32 million from Canamens. Canamens will also pay Roxi a $2 million completion payment.
Additionally, Roxi and Canamens have agreed to extend the date, from 31 December 2009 to 31 March 2010, by which Canamens may exercise its option to purchase an additional 12 per cent interest in BNG from Roxi for a further work programme funding commitment of $23 million
Rob Schoonbrood CEO commented
"The completion of stage 1 of the part disposal of BNG is an important step for the Company and we are delighted to have secured funding for one of our principal assets"
Enquiries
Roxi Petroleum plc
Clive Carver, non-executive chairman +44 207 600 1658
College Hill (Financial PR)
Nick Elwes / Simon Whitehead +44 207 457 2020
Matrix Corporate Capital LLP (NOMAD and broker)
Alastair Stratton / Anu Tayal +44 203 206 7000
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