Update on the sale of Galaz

RNS Number : 0280Q

Roxi Petroleum Plc

12 June 2015

 

Roxi Petroleum PLC

("Roxi" or the "Company")

Update on the sale of Galaz

Further to the announcement of 1 June 2015 extending the completion date of the sale of the Company's equity and debt interests in the Galaz Contract Area  to a consortium led by Xinjiang Zhundong Petroleum Technology Co, a Chinese publicly traded conglomerate, (the "Galaz Disposal"),Roxi, announces that it has received the repayment of the $6.9 million loan.

A payment of $27 million to Roxi's subsidiary Galaz Energy BV remains outstanding, of which $16 million will be attributable to Roxi.  These amounts are expected to be received within the next week.

Once received formal completion of the sale will take place.

Enquiries:

Roxi Petroleum PLC

Clive Carver, Chairman

[phone]

WH Ireland

Nominated Adviser & Broker

James Joyce / James Bavister

[phone]

 

END

 

 

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