Business
Acquisition Update
Acquisition Update.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n Roxi Petroleum Plc\n22 August 2007\n\nRoxi Petroleum Plc ('Roxi Petroleum' or the 'Company')\n\n\n\nAcquisition of controlling interests over three new oil and gas assets in\nKazakhstan\n\n\n22 August 2007\n\n\nHighlights\n\n* Executed sale and purchase agreement to acquire controlling interests in \n three new oil and gas assets in Kazakhstan \n\n* Assets cover 1200 km2 in Western Kazakhstan in the PreCaspian and Turgai \n Basins\n\n* Assets provide access to high quality exploration acreage and early \n development of reserves\n\n* Total consideration of US$190m to be satisfied predominantly by issue of new\n shares at US$1.30 (65p) per share\n\n* The agreement includes an option to acquire associated assets for US$60 \n million\n\n\n\nRoxi Petroleum, created to acquire controlling interests in and develop oil and\ngas assets in Central Asia, initially focusing on Kazakhstan, announces that it\nhas entered into a sale and purchase agreement to acquire controlling interests\nover three oil and gas assets in Western Kazakhstan. The transaction includes\nadditional options to further increase Roxi Petroleum's interest in the assets.\n\n\n\nThe assets being acquired cover approximately 1200 km2 in Western Kazakhstan in\nthe PreCaspian and Turgai Basins. The assets give Roxi Petroleum access to large\nhigh quality exploration acreage and further opportunities for early development\nof reserves already on the State balance.\n\n\n\nThe first asset is an exploration contract which covers an area of over 1100\nkm2, not far from the Tengiz oilfield in the Pre-Caspian basin of West\nKazakhstan. The contract for the block was signed earlier this year. The block\nis considered by the Company to be highly prospective in both the Jurassic\nsandstone at depths of 2500-3000m and in the pre-salt Carboniferous sandstones\nand carbonates at depths of 4000-5000m. Exploration in this area since the\n1980's has resulted in the development of several Jurassic discoveries in the\nsurrounding acreage.\n\n\n\nThe second asset is an Exploration and Production Contract in the Turgai Basin\nnear the town of Kyzylorda in central Kazakhstan. The field contains 'probable'\nreserves, in Cretaceous and Jurassic sandstones, on a wrench fault structural\ntrap. There are four wells on the block with three delineating the oil-water\ncontact and one well drilled ...