Roxi Petroleum


Roxi Petroleum plc (Roxi) is a Kazakhstan-based oil exploration and development/production company. The Ravninnoe Contract Area covers 121 square kilometer and is located approximately 100 kilometer north east of the Tengiz oilfield in the south Emba region of the Pre Caspian Basin, in the Atyrau and Mangistau Oblasts of West Kazakhstan. The Beibars Contract Area covers 167 square kilometer on the Caspian Sea coastline approximately 30 kilometer south of the industrial town of Aktau in the Mangistau Oblast of West Kazakhstan. The BNG Contract Area covers 1,561 square kilometer and is approximately 40 kilometer south of the Tengiz oilfield spanning the boundaries of the Pre Caspian and North Ust-Urt basins and 130 kilometers from the industrial town of Kulsary in the Mangistau Oblast of West Kazakhstan.

Roxi Petroleum mulls sale of Galaz assets to Korea’s LG, enters MOU

Friday, July 17, 2009
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Roxi Petroleum PLC (AIM: RXP) announced it has entered into a Memorandum of Understanding 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.

LG has been granted exclusive access to the Galaz records until the end of September 2009. Further announcements will be made in due course.

Roxi also said has agreed to issue 7.08 million shares to Starostin Sergey Valentinovich in return for his assistance in securing much needed equity funding in November 2008.

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Additional Information

Market:AIM
Sector:Energy
EPIC:RXP
Latest Price: 7.25p  (1.72% Ascending)
52-week High:12.25p
52-week Low:5.13p
Market Cap:30.77M

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