Corporate update
July 17 2009 - 5:15AM
UK Regulatory
TIDMRXP
RNS Number : 8578V
Roxi Petroleum Plc
17 July 2009
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
Enquiries:
+------------------------------------+------------------------------------+
| Roxi Petroleum plc | |
+------------------------------------+------------------------------------+
| Rob Schoonbrood, CEO | +7 727 244 0920 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| College Hill (Financial PR) | |
+------------------------------------+------------------------------------+
| Paddy Blewer / Nick Elwes | +44 (0) 20 7457 2020 |
+------------------------------------+------------------------------------+
| | |
+------------------------------------+------------------------------------+
| WH Ireland (NOMAD and broker) | |
+------------------------------------+------------------------------------+
| James Joyce | +44 (0)20 7220 1666 |
+------------------------------------+------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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