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Canamens BNG Funding Announcement
Canamens BNG Funding Announcement.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 2531C Roxi Petroleum Plc 03 March 2011 \n \n\n \nFor immediate release 3 March 2011 \nRoxi Petroleum plc\nCanamens BNG Funding Announcement\n \nIntroduction\nCanamens BNG B.V. (\"Canamens\") has informed Roxi Petroleum that it will not make the final payments of, in aggregate, $11,975,926 due under the second stage of the sale and purchase agreement in connection with BNG Ltd llp (\"BNG\") approved by Roxi shareholders in November 2009 (the \"SPA\"). As a consequence the Roxi board believes that, under the terms of the SPA, Canamens will forfeit approximately a 6.25 per cent interest in the BNG Contract Area to Roxi.\nAs a result, Roxi's interest in the BNG Contract Area is expected to increase from 23.41 per cent to 29.66 per cent and Canamens holding is expected to decrease from 35 per cent to 28.75 per cent, subject to receipt of the necessary government waivers under Kazakh law. Unless otherwise agreed, all shareholders, including Canamens, remain liable to meet the costs of future developments at BNG on a pro rata basis to their participating interests.\nBackground\n Roxi acquired a 58.41 per cent interest in BNG, and accordingly the BNG Contract Area, in March 2008, when it acquired 59 per cent of Eragon Petroleum Limited (\"Eragon\") from Baverstock GmbH (\"Baverstock\"), a company controlled by Kuat Oraziman, a director of Roxi and its largest shareholder.\nIn January 2009, Roxi entered into the SPA (as subsequently amended) with Canamens to sell, in aggregate, 35 per cent of BNG held by a wholly owned subsidiary of Eragon, BNG Energy BV, in two stages. It was agreed between Baverstock and Roxi that such sales would be out of the 58.41% Roxi interest in BNG, leaving Bave...