Business
Funding and Operations Update
Funding and Operations Update.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 4764I Roxi Petroleum Plc 19 November 2008 \nRoxi Petroleum plc ('Roxi' or the 'Company')\n\nFunding and Operations Update\nHighlights\n\n\nFarm out agreement of Ravninnoe Oil with Canamens signed. Escrow of US$5 million released.\n\n\nFarm out agreement signed on Galaz with KazRosMunai. Transaction commits KazRosMunai to drill 9 wells on the NW Konus field.\n\n\nInitial progress at Galaz, with production tests and well spuds ongoing.\n\n\nKuat Oraziman appointed Executive Director. \n\n\nSmall scale equity fundraising of $800 000 completed.\n\n\nFurther strategic fundraising activities progressing.\n\n\nThe Directors of Roxi Petroleum, the Kazakhstan focussed exploration and production group, are very pleased to announce that the Company has entered into agreements to farm-out interests in two of its assets. The Ravninnoe farm-out agreement with Canamens will provide additional working capital for the Group and the Ravninnoe drilling programme. The Directors are looking forward to working with Canamens to appraise and develop the Ravninnoe field. \nThe Company has also entered into a farm-out agreement with KazRosMunai LLP ('KazRos') to farm-in to the Galaz Contract Area. KazRos, a Kazakh drilling company based in Kyzylorda, will be using their rigs to drill 9 wells on the NW Konus field to earn an equity interest.\nThe Company is pleased to announce that Kuat Oraziman has been appointed executive director on the board effective from 1 November 2008. Mr Oraziman has been serving as a non-executive director to the Company since May 2007. \nRob Schoonbrood, Roxi CEO said: \n'These deals represent a significant step towards the development of Roxi's asset portfolio, and I am particularly looking forward to working with our new partners to bring both Galaz and Ravninnoe into production. I am also delighted to welcome Kuat Oraziman to an executive role on the board. His business skills have already contributed greatly to the company's activities, and his greater participation will only strengthen the company's future'.\n\nRavninnoe Contract Area (Remaining&n...