Sale of Ravninnoe Oil LLP Int

RNS Number : 2384U

Roxi Petroleum Plc

12 October 2010

 



For immediate release                                                                                                                                              12 October 2010

Roxi Petroleum plc

Sale of Ravninnoe Oil LLP Interest

Roxi Petroleum plc ("Roxi" or the "Company")(ticker: RXP) is the Central Asian oil and gas company with a focus on Kazakhstan.

Ravninnoe Oil LLP

Further to the Company's plans as outlined in the interim statement in September concerning  Roxi's interest in the Ravninnoe Contract area Roxi announces that it has sold its entire 30% interest in Ravninnoe Oil LLP to Hamilton Services Limited (a private company) for US$ 2.6 million.  The sales and purchase agreement is subject to the receipt of certain waivers from regulatory authorities.  However, if the agreement is completed as expected by the Roxi board, the Company will transfer its title to the Ravninnoe interest before the end of the year.

Following the completion of the sale Roxi will have no further interest or obligations in respect of the  Ravninnoe Contract Area.

David Wilkes, CEO  commented

"The sale of Ravninnoe Oil LLP represents the continuation of the company's policy of focusing on our core assets, BNG and Galaz,  and will ensure that our available resources are deployed on our more advanced development projects and those most likely to provide value to our shareholders ."

Enquiries:

Roxi Petroleum plc

Clive Carver, non-executive chairman                                                                   [phone]

David Wilkes, CEO                                                                                                           [phone]

Buchanan (Financial PR)

Tim Thompson / Ben Romney / Chris McMahon                                                [phone]                                                                                       

Matrix Corporate Capital  LLP (NOMAD and broker)

Louis Castro / Alastair Stratton                                                                                  [phone]

 

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