Completion of Part Disposal

RNS Number : 5422E

Roxi Petroleum Plc

22 December 2009

 



Roxi Petroleum  ("Roxi" or "the Company")

Completion of the part disposal of BNG 

22 December 2009 

BNG Completion

Roxi is pleased to announce that the part disposal of BNG ltd LLP and its assets ("BNG") approved by Roxi shareholders on 17 November 2009 has been completed. Accordingly, Roxi's subsidiary, BNG Energy B.V, has transferred a 23% interest in BNG to Canamens BNG B.V. ("Canamens") in return for BNG funding commitments of $32 million from Canamens.  Canamens will also pay Roxi a $2 million completion payment.

Additionally, Roxi and Canamens have agreed to extend the date, from 31 December 2009 to 31 March 2010, by which Canamens may  exercise its option to purchase an additional 12 per cent interest in BNG from Roxi for a further work programme funding commitment of $23 million

Rob Schoonbrood CEO commented

"The completion of stage 1 of the part disposal of BNG is an important step for the Company and we are delighted to have secured funding for one of our principal assets"

Enquiries

Roxi Petroleum plc

Clive Carver, non-executive chairman              [phone]

College Hill (Financial PR)

Nick Elwes / Simon Whitehead                            [phone]

Matrix Corporate Capital LLP (NOMAD and broker)    

Alastair Stratton / Anu Tayal                                 [phone]

 

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