Caspian Sunrise Regulatory News (CASP)

9 Dec 2009 07:00



Roxi Petroleum 

("Roxi" or "the Company")

Management changes

New Chief Executive

Roxi announces that with effect from 1 January 2010 David Wilkes, the Company's Chief Financial Officer will become Chief Executive, replacing Rob Schoonbrood who, after reaching the age of 65, has informed the board of his wish to retire. 

David Wilkes

David (47) joined the Roxi board on 1 October 2009, from Ernst & Young where he was a partner in the Almaty office and was most recently the partner responsible for advisory services in Kazakhstan and global service partner for ENRC Plc. David has over 25 years commercial experience, including eight years as Managing Partner of Ernst & Young Kazakhstan, nine years of practice in London, 18 months in Moscow where he acted for TNK-BP as client service partner and six years in Portugal.

He managed the integration of Ernst & Young and Arthur Andersen in Kazakhstan, when they merged in 2002 across the CIS. During his term the Ernst & Young office grew from 25 professionals to a firm of over 400 professionals, including 14 partners, serving some of the leading enterprises in Kazakhstan, including KMG E&P, Kazakhmys and ENRC.

He has acted as audit partner for a number of smaller onshore exploration companies operating in Kazakhstan including Karakudukmunai, Kazakhoil Aktobe, Zhaikmunai and TenginzChevroil's operation at Tengiz. He is also involved with some of the PSA consortium's in Kazakhstan, such as OKIOC (now Kashagan operation or KCO) and Shell Temir operation.

He has been the Chairman of the Kazakhstan Foreign Investors Council for the past two and a half years, where he has been responsible for the co-ordination of the bi-annual plenary session between the 25 CEO's of the largest foreign investors in Kazakhstan and the President of Kazakhstan, as well as acting as moderator for the foreign side discussion for the plenary session itself. He has also been on the board of the American Chamber of Commerce in Kazakhstan for the past 6 years.

Rob Schoonbrood

The board expresses its warmest thanks to Rob Schoonbrood who was the visionary behind the Roxi concept. Rob successfully negotiated the acquisition of Ravninnoe and Beibars assets in 2006, led the Roxi management team through the IPO in 2007 and the reverse takeover of Eragon plc, which brought in the BNG, Galaz and Munaily assets in 2008. He was also instrumental in securing the farm-out deals entered into over the last 12 months with respect to Ravninnoe, Galaz and BNG, which ensured that the Company is well placed to continue to develop its portfolio. 

Rob's experience will not be lost to Roxi as he has agreed to be a consultant to the Company to assist with the smooth transfer to David and to assist where required with our industry partners. 

Strategy

Roxi strategy remains the development of the portfolio it already owns. For the foreseeable future Roxi will not seek to acquire or evaluate other assets.

Financial position

The completion of the farm-out of part of the BNG Contract Area with Canamens, which is dependent now only upon the receipt of the required Article 71 waiver,  will in conjunction with other matters in hand, place the financial position of the Company on a much more stable footing than for some time.

Clive Carver, Non executive chairman said

"First I would like to thank Rob for leading Roxi through the past four years. His input has helped shape the company and the exciting portfolio of assets that we hold is a testament to his efforts and skill. 

Roxi is extremely fortunate to have in David Wilkes someone with unparalleled Kazakh experience to lead the management team in fully exploiting our existing portfolio of assets. Under David the strategy will be to continue to maximise the value of the assets we already own at the least cost to Roxi."

Rob Schoonbrood commented:

"I'd like to thank my colleagues on the board and management, our staff and our partners for the support they have given me during the last 4 years.

I'm very satisfied that Roxi has now been solidly positioned for the successful development of the Company's key assets and I wish David and the team every success in the future."

Ends

9 December 2009