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Roxi Petroleum draws down US$2mln for ongoing BNG development

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Roxi Petroleum (LON:RXP) has drawn a further US$2mln from a US$40mln equity facility with company director Kairat Satylganov.

Satylganov as a result will receive 16.7mln new Roxi shares at a price of 7.41p, a 15% discount to Monday’s closing price.

After this latest draw-down the group’s chief financial officer now owns 236mln shares, or 27% of the company.

Roxi said the US$2mln cash injection will be used to fund the continued development of the flagship BNG asset.

Satylganov, formerly chairman of two Kazakh banks, agreed to invest up to US$40mln into Roxi in January last year, and shortly afterwards in February he was appointed as the company’s chief financial officer (CFO).

Roxi subsequently in 2014 confirmed its first deep discovery in the BNG area.

Earlier this month the group also revealed it could be set for a US$28mln cash boost as a result of a proposed sale of the Galaz Contract Area in Kazakhstan.

Chinese buyer Xinjiang Zhundong Petroleum Technology, which is listed on the Shenzhen Stock Exchange, has launched a US$100mln bid for the project which is 34.22% owned by Roxi. The AIM listed company is also owed a portion of debt that would be taken on by the Chinese investor.

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