9th Feb 2009 07:00
Roxi Petroleum Plc
("Roxi" or the "Company")
Funding and operational update
The Directors are pleased to announce that further to the Ravninnoe farm out agreement announced on 19 November 2008 and approved by Roxi shareholders on 22 December 2008, Canamens has exercised its option to fund the Ravninnoe work programme and has therefore paid US$ 8.5million into an escrow account.
In addition, Roxi is due to receive the initial advance payment of US$ 5million from Canamens in respect of the BNG farm out arrangements announced on 19 January 2009 once the Kazakh authorities have registered a charge over the group company that holds the interest in the BNG asset. This is expected to be completed within the next few days.
Roxi remains in contact with a number of potential strategic partners with the aim of securing a strategic financing package later this year,
The operational funding secured through the Ravninnoe farm out transaction will be used, to run detailed exploration programmes through 2009. Roxi and Canamens are in discussions as to the most effective operational plans for exploring BNG.
Rob Schoonbrood, Chief Executive Officer commented
"We are delighted to now be in a position to implement our plans for Ravninnoe and will imminently have additional funds to assist in the development of the Company's other assets."
9 February 2009
Enquiries:
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Roxi Petroleum plc |
+7 727 244 0920 |
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Rob Schoonbrood, CEO / Duncan McDougall, Technical Director |
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WH Ireland (NOMAD and broker) |
+44 (0) 20 7220 1666 |
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James Joyce |
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College Hill (Financial PR) |
+44 (0) 20 7457 2020 |
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Paddy Blewer / Nick Elwes |
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