Farm out update

RNS Number : 3738E

Roxi Petroleum Plc

26 September 2008

 



Roxi Petroleum plc 

('Roxi' or the 'Company')

Update on the Ravninnoe farm out

On 28 August 2008 Roxi announced that the Company had entered into a heads of agreement for a farm-out with Canamens Energy Asia Limited ('Canamens' - www.canamens.com ) to develop the Company's Ravninnoe Contract Area. 

Roxi is pleased to announce that a $5 million exclusivity fee in connection with the Ravninnoe farm out has been paid by Canamens into an escrow account. The money is to be released to Roxi following the completion of the Ravninnoe farm out agreement including the satisfaction of all the conditions to that agreement.

26 September 2008

Enquiries: 

Roxi Petroleum Plc	Clive Carver	Tel: [phone]
College Hill	Paddy Blewer/ Nick Elwes	Tel: [phone]
W H Ireland Ltd	James Joyce/David Porter	Tel: [phone]

 

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