Caspian Sunrise Regulatory News (CASP)

19 Oct 2007 11:07

Roxi Petroleum Plc19 October 2007 Roxi Petroleum Plc ("Roxi" or the "Company") AGM Statement I am pleased to report further strong progress since the announcement of theinterim results on 7 September 2007. We have made good progress with two of the assets included in our IPO prospectusin May, both of which are, we believe, highly prospective. We have also announced two asset acquisitions that have the potential totransform the profile of the company, in terms of reserves, financial standingand in growth potential. Acquisitions On 22 August we announced the conditional acquisition of three further assetsfor an aggregate consideration of $190 million. These acquisitions, because oftheir size relative to the size of our company, constitute a reverse takeoverunder the AIM Rules and necessitated the temporary suspension in dealing in theCompany's shares. On 4 October 2007, we announced the further acquisition of an option to acquiretwo assets for an aggregate consideration of $425 million. Again under the AIMRules, because of the size of the assets to be acquired compared to the size ofthe Company, the exercise of this option could also constitute a reversetakeover. Timing of the readmission of the Company's shares to trading on AIM. Your management team together with the Company's professional advisers areworking to complete the due diligence associated with these asset purchases andto produce an AIM Readmission Document detailing the Company's existingbusinesses and providing appropriate details of the assets to be acquired. Thisis a complex process involving the work of many parties in a number of differentcountries. It also requires the consent of a number of regulatory bodies in theUK and in Kazakhstan. It is the number one priority of the board to complete this work in as short atime as possible without compromising the quality of the work undertaken.However, it is unlikely that the required Readmission Document will be ready forpublication before the end of November at the earliest. The board has set itselfa deadline of the end of the year to publish the Readmission Document and fortrading in the Company's shares to resume. Outlook Whilst we are focused on finalising the work required to complete the assetpurchases referred to above we have also seen an increase in the number andquality of the assets acquisition opportunities coming our way. I believe thisis a testament to the professionalism and competence of the core managementteam. A presentation was given at the AGM. A copy of the slides will be posted on theCompany's website www.roxipetroleum.com 19 October 2007 Enquiries: Roxi Petroleum plc Clive Carver 0203 159 5315 College Hill Paddy Blewer 020 7457 2020 Nick Elwes 020 7457 2020 WH Ireland James Joyce 020 7220 1666 This information is provided by RNS The company news service from the London Stock Exchange