Business
Operational update and total
Operational update and total.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 5070J Roxi Petroleum Plc 31 March 2010 \n \n\n\n\n\n\nFor immediate release\n\n\n31 March 2010\n\n\n\n\n \nRoxi Petroleum (\"Roxi\" or \"the Company\")\nOperational update and total voting rights\n \nRoxi Petroleum (Roxi Petroleum (\"Roxi\" or \"the Company\"), the Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce the following corporate update:\n \n· Canamens exercise stage 2 of the BNG Asset agreement\n· Roxi repays the US$3 million Arawak convertible loan\n· Arawak exercise 2 million warrants\n \nBNG\n \nRoxi is pleased to announce that Canamens Energy BV (\"Canamens\") has informed Roxi that it has exercised its option under stage 2 of the BNG disposal agreement, approved by Roxi shareholders in November 2009, to purchase a further 12 per cent of the BNG asset from Roxi for a further funding commitment of US$23 million, all of which will be treated as a loan to BNG Energy B.V., repayable from future revenue from production at the BNG Contract area.\n \nIn December 2009, under stage 1 of the BNG disposal agreement, Canamens acquired 23% of the BNG asset to Roxi in return for funding commitments of US$32 million from Canamens, of which US$27 million has been treated as a loan to BNG Energy B.V repayable from future production at the BNG Contract Area. Canamens also paid Roxi US$2 million on signing.\n \nFollowing the exercise of option by Canamens, Roxi will hold a 23.41 per cent. interest in the BNG Contract area.\n \nAs a result of Canamens decision to exercise their option under stage 2, Roxi's 2010 BNG work programme commitments are now fully funded.\n \nRepayment of Arawak convertible loan\n \nThe Directors also announce that Kuat Oraziman, a director of the Company, has made available a loan of US$3 million to allow the repayment of a US$3 million convertible loan due to Arawak Energy plc (\"Arawak\"). Had the Arawak loan not been repaid before 31 March 2010, Arawak had the option to convert the amount due with interest to 20,174,457 Roxi shares representing 4.84 per cent of Roxi's issued share capital.\n \nMr Oraziman's loan is to Galaz and Company LLP and has been made under the financial assistance provisions of Kazakh company law. The loan is...