RXP.L Share News (RXP)

Roxi Petroleum, the Kazakhstan-focused oil and gas company, has received approval from the authorities for the sale of its 40% stake in Galaz to LG International.The decision will trigger the payment by LG of $15.6m to Roxi subsidiary Galaz Energy (GEBV) as well as access to further funding of $17.5m loan financing from LG for the further development of the NW Konys field.Roxi retains a a 34.22% stake in the Galaz contract area through its holding in GEBV."Completion will provide funding for the ongoing costs of Roxi and will allow us to move into production on Galaz subject to the pilot license approval, which will considerably enhance the future profile of the company," said Roxi chief executive officer, David Wilkes.