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Roxi Petroleum receives US$10mln cash from Galaz sale

The Kazakhstan focussed oil and gas junior is due a total of US$23mln from the sale

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Proceeds from the sale are earmarked for deep wells

Roxi Petroleum (LON:RXP) has received the first US$10.4mln of cash from the sale of its stake in the Galaz asset.

The Kazakhstan focussed oil and gas junior is due a total of US$23mln from the sale of the unit.

Chinese firm Xinjiang Zhundong Petroleum Technology, which is listed on the Shenzhen Stock Exchange, in January agreed to purchase Galaz through a deal worth US$100mln.

The transaction was for US$50mln of cash, and also saw the Chinese buyer take on shareholder loans.

Roxi had owned a 34.22% stake in Galaz.

Proceeds from the sale are earmarked for deep wells at the flagship BNG project.

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