Caspian Sunrise Regulatory News (CASP)

17 Jul 2009 10:15



Roxi Petroleum plc 

("Roxi or the "Company")

Corporate update

Roxi Petroleum plc ("Roxi" or "the Company"), the Kazakhstan based oil exploration and development company is pleased to announce the extension of the deadline to obtain Roxi shareholder approval in respect of the farm-out arrangements concerning Canamens and Roxi's BNG assets; the signing of a Memorandum of Understanding ("MOU") with LG in connection with Roxi's Galaz assets; and the issue of 7,087,500 shares in return for assistance in securing funds in November 2008.

BNG Farm-out extension

Under the terms of the agreement signed with Canamens and announced in January 2009 and because of the size of the proposed farm-out Roxi shareholder approval is required by 31 July 2009. This deadline has been extended to 14 August 2009 to allow a General Meeting of Roxi shareholders to be convened to consider the proposed Canamens / BNG farm-out arrangements.

A circular to Roxi shareholders setting out the details of the proposed farm-out is expected to be issued later this month.

LG MOU

Roxi has entered into a MOU with LG, the Korean based multinational with existing oil and gas assets in Kazakhstan, to allow LG to evaluate Roxi's interest in the Galaz assets with a view to LG acquiring Roxi's interests in those assets in full.

The terms of the MOU grant LG exclusive access to the Galaz records until the end of September 2009. Further announcements will be made in due course.

Issue of shares

Roxi has agreed to issue shares to Starostin Sergey Valentinovich in return for his assistance in securing much needed equity funding in November 2008.

Accordingly, Roxi has agreed to issue 7,087,500 Roxi shares to Starostin Sergey Valentinovich credited as fully paid.

Application will be made to The London Stock Exchange for the new Ordinary Shares to be admitted to trading on AIM. It is expected that admission will be effective and that trading of the new Ordinary Shares will commence on 23 July 2009. 

Under section 103 of the Companies Act, the issue of shares for non-cash consideration requires an independent valuation by the Company's auditors, which has now been received.

Shares in issue

Following the issue of these shares the total number of ordinary shares of 1p each is 383,619,625.

17 July 2009

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