19th May 2009 07:00
Roxi Petroleum plc
("Roxi or the "Company")
Funding and Galaz license update
Roxi Petroleum plc ("Roxi" or "the Company"), the Kazakhstan based oil exploration and development company is pleased to announce the receipt of further funds from Canamens for its Ravninnoe assets and the receipt of the extension to the sub-soil user contract required to continue production at the Galaz Contract area.
Ravninnoe farm out
Roxi is pleased to announce receipt of a further $500,000 under the farm out arrangements in respect of Roxi's Ravninnoe's assets from Canamens NV. This payment is an advance on the Stage Two completion and facilitates the planning and tender award for drilling in Q3, while waiting on the final waiver of pre-emptive rights from the Kazakh authorities,.
The remainder of the $8.5 millions to be drawn down in stage two of the Canamens Ravninnoe farm out is held in an escrow account under the joint control of Canamens management and Roxi.
Galaz contract area licenses
Further to the announcement of 12 May 2009, Roxi is pleased to announce that it has received the extension to the sub-soil user contract and in consequence there will now be no pause in production at Galaz.
19 May 2009
Enquiries:
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Roxi Petroleum plc |
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Rob Schoonbrood, CEO |
+7 727 244 0920 |
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College Hill (Financial PR) |
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Paddy Blewer / Nick Elwes |
+44 (0) 20 7457 2020 |
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WH Ireland (NOMAD and broker) |
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James Joyce |
+44 (0)20 7220 1666 |
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