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Last checked at 
19 May 2009 07:00
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Roxi Petroleum plcΒ
("Roxi or the "Company")
Funding and Galaz license update
Roxi Petroleum plc ("Roxi" or "the Company"), the Kazakhstan based oil exploration and development company is pleased to announceΒ the receipt of further funds from Canamens forΒ itsΒ Ravninnoe assetsΒ and the receipt ofΒ the extension to the sub-soil user contract required to continue production at theΒ Galaz Contract area.Β
Ravninnoe farm out
Roxi is pleased to announceΒ receipt of a furtherΒ $500,000 under the farm out arrangements in respect of Roxi's Ravninnoe's assets from Canamens NV.Β This payment is an advance on the Stage Two completion and facilitates the planning and tender award for drilling in Q3, while waiting on the final waiver of pre-emptive rights from theΒ KazakhΒ authorities,.
The remainder of theΒ $8.5Β millions to be drawn down in stageΒ twoΒ of the Canamens Ravninnoe farm out isΒ heldΒ in an escrow account under theΒ jointΒ control of Canamens managementΒ and Roxi.
GalazΒ contract areaΒ licenses
Further to the announcement ofΒ 12 May 2009,Β Roxi is pleased to announce that it has receivedΒ theΒ extension to the sub-soil user contractΒ and in consequence there will now be no pause in production at Galaz.
19 May 2009
Enquiries:Β
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Roxi Petroleum plc |
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Rob Schoonbrood, CEO |
+7 727 244 0920 |
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College Hill (Financial PR) |
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|
Paddy Blewer / Nick Elwes |
+44 (0) 20 7457 2020 |
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WH Ireland (NOMAD and broker) |
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James Joyce |
+44 (0)20 7220 1666 |
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