Caspian Sunrise Regulatory News (CASP)

4 Dec 2007 07:02

Roxi Petroleum Plc04 December 2007 Roxi Petroleum PLC("Roxi" or the "Company") Directorate Change and Corporate Update Appointment of director The Board of Roxi is pleased to announce the appointment of Duncan McDougall asa director of the Company. Duncan has 25 years international experience in the exploration, appraisal anddevelopment of oilfields in a variety of environments. He began his career inthe North Sea with Charterhouse Petroleum and BP as an exploration anddevelopment geologist. For the past 15 years, he has been advising, through his firm Saxford Limited, alarge variety of companies on the purchase and development of oil and gas assetsin Africa, Europe, the Far East and Asia, with the large majority in the formerSoviet Union. Duncan joined Roxi in May 2007 as Technical Director, a then non-boardposition. Further information; Full name :Duncan McDougallAge : 48Current Directorships: Saxford Limited, Saxford Petroleum Limited Other than as disclosed in this announcement there are no other matters thatfall to be disclosed in relation to schedule 2 paragraph (g) of the AIM Rules. Update on North Karamandybas On 7 September 2007, the Directors reported that they resolved to await theoutcome of a legal challenge regarding the ownership of the vendors' interestsin the North Karamandybas asset before completing its acquisition and that theBoard is hopeful for a positive outcome. This remains the position. The North Karamandybas Sub Soil Use Contract ("SSUC"), which is the principalasset comprising the North Karamandybas assets Roxi is seeking to acquire, isdue to expire on 4 December 2007. In the event of a favourable outcome to thelegal challenge Roxi will seek an extension of the underlying SSUC beforecompleting the acquisition. Pending Acquisitions and Resumption of Roxi shares to trading on AIM The Company's shares are suspended pending the publication of an admissiondocument in connection with the proposed acquisition of Eragon Petroleum Plc anddetails of the option to acquire interests in ADA LLP and ADA Oil LLP. TheDirectors are pleased with progress on the proposed transactions and willpublish the document as soon as possible subject to receipt of regulatoryapprovals, and final due diligence. 4 December 2007 Enquiries: Roxi Petroleum plcRob Schoonbrood, CEO 020 3159 5315 UK / 7 727 278 1022 KZDavid Barker, COO 020 3159 5315 UK / 7 727 278 1022 KZ College HillPaddy Blewer / Nick Elwes /Simon Whitehead 020 7457 2020 WH IrelandJames Joyce / David Porter 020 7220 1666 This information is provided by RNS The company news service from the London Stock Exchange