Business
Funding and License Update
Funding and License Update.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 4539S Roxi Petroleum Plc 19 May 2009 \n \nRoxi Petroleum plc \n('Roxi or the 'Company')\n\nFunding and Galaz license update\n\nRoxi Petroleum plc ('Roxi' or 'the Company'), the Kazakhstan based oil exploration and development company is pleased to announce the receipt of further funds from Canamens for its Ravninnoe assets and the receipt of the extension to the sub-soil user contract required to continue production at the Galaz Contract area. \n\nRavninnoe farm out\n\nRoxi is pleased to announce receipt of a further $500,000 under the farm out arrangements in respect of Roxi's Ravninnoe's assets from Canamens NV. This payment is an advance on the Stage Two completion and facilitates the planning and tender award for drilling in Q3, while waiting on the final waiver of pre-emptive rights from the Kazakh authorities,.\n\nThe remainder of the $8.5 millions to be drawn down in stage two of the Canamens Ravninnoe farm out is held in an escrow account under the joint control of Canamens management and Roxi.\n\nGalaz contract area licenses\n\nFurther to the announcement of 12 May 2009, Roxi is pleased to announce that it has received the extension to the sub-soil user contract and in consequence there will now be no pause in production at Galaz.\n\n19 May 2009\n\nEnquiries: \n\n\n\n\n\nRoxi Petroleum plc\n\n\n\n\n\n\n\nRob Schoonbrood, CEO \n\n\n+7 727 244 0920\n\n\n\n\n\n\n\n\n\n\n\n\nCollege Hill (Financial PR)\n\n\n\n\n\n\n\nPaddy Blewer / Nick Elwes \n\n\n+44 (0) 20 7457 2020\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland (NOMAD and broker)\n\n\n\n\n\n\n\nJames Joyce\n\n\n+44 (0)20 7220 1666\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCILFLREDITLIA \n ","length":5007,"tagName":"div"}]