Business
Admission to AIM
Admission to AIM.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n Roxi Petroleum Plc\n22 May 2007\n\nRoxi Petroleum PLC\n\nAdmission to AIM\n\n\n\nRoxi Petroleum ('Roxi' or 'The Company'), the Kazakhstan based oil exploration\nand development/production company, is very pleased to announce its admission to\nthe AIM Market of the London Stock Exchange today. At Admission, Roxi raised\n£38.9 million (gross of expenses) and is capitalised at approximately\n£63.9million at the placing price of 38p per share. WH Ireland is acting as\nNominated Adviser and Broker to the Company.\n\n\nOverview:\n\n• Roxi will use IPO funds to build a portfolio of joint ventures in Kazakhstan, \n primarily previously discovered oil fields with both development and \n exploration upside\n\n• Company strategy is to upgrade and increase initial booked reserves through \n appraisal, exploration seismic, and drilling.\n\n• Post IPO, a significant portion of the funds will be used to begin building \n the portfolio by acquiring 50% economic interest in two oil fields and one \n exploration block in the Caspian region of Kazakhstan\n\n• The contracted areas will total approximately 295 squared km.\n\n• The initial acquisitions are in different stages of development, facilitating \n efficient utilization of resources, personnel, and services.\n\n• Roxi intends to add to its portfolio and acquire further fields with \n development potential with respected business partners in Kazakhstan\n\n\n\nRoxi was created to acquire controlling interests in and develop oil and gas\nassets in Central Asia, with a focus on Kazakhstan. The initial strategy will\nbe to target projects which have oil discoveries and exhibit a potential for\nconsiderable development and / or exploration upside. This strategy will allow\nthe Company to rapidly add value to its projects by upgrading reserves levels\nand planning for the earliest possible production date.\n\nThe Company's senior management team has significant experience in the region\nand industry having worked across a diversified number of countries and climates\nincluding Kazakhstan, the Middle East, Europe, the former Soviet Union, Russia,\nAfrica, and the United States with major oil companies including Royal Dutch\nShell, BP, Mobil, and a variety of joint venture operations.\n\nRoxi will acquire a 50% economic interest with contractual and operational\ncontrol over three pr...