Business
Readmission and Acquisition
Readmission and Acquisition.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n Roxi Petroleum Plc\n31 January 2008\n\nRoxi Petroleum PLC\n\nProposed acquisition of 59% of Eragon Petroleum plc\n\nApproval of waiver of the obligation to make a mandatory offer under Rule 9 of\nthe City Code on Takeovers and Mergers\n\nApplication for Admission to AIM\nNotice of General Meeting\n\n\n\nRoxi Petroleum plc ('Roxi' or 'the Company'), the Kazakhstan based oil\nexploration and development company, announces the publication of its admission\ndocument and circular for the proposed acquisition of 59% of Eragon Petroleum\nplc ('Eragon') and the resumption of trading of its shares to the AIM Market of\nthe London Stock Exchange.\n\n\n\nRoxi has conditionally acquired a 59% controlling interest in Eragon, the\nholding company for three exploration and production assets in Western\nKazakhstan.\n\n\n\nTransaction highlights:\n\n\n\nO Roxi shares resume trading today\n\n\n\nO Acquisition of 59% of Eragon for US$190m\n\n\n\nO Option to acquire an associated asset for US$60m\n\n\n\nO Roxi issuing new ordinary shares at 65p per share as consideration\n\n\n\nO Following completion market capitalisation at 65p per share: £208.1m\n\n\n\nO Eragon assets include:\n\n\n\n o Three Contract Areas: BNG, Galaz and Munaily - in aggregate 1,453 km(2)\n\n o Located in the Pre Caspian and the Turgai basins - established\n petroleum provinces\n\n o Considerable exploration, development, and near term production\n potential:\n\n • BNG: 21 exploration leads\n\n • Galaz: Discovery with near term production potential\n\n • Munaily: Field rehabilitation\n\n\n\nO Following Admission and completion of the Eragon Acquisition, Roxi will\nhave controlling interests in three oil fields and two exploration blocks with\nclear potential for further development\n\n\n\nO Roxi also holds an option to acquire a 50 per cent. indirect interest in\nthe ADA Group for an aggregate consideration of US$425 million. The ADA Group\nowns two exploration and production assets located in Western Kazakhstan. The\noption expires on 30 March 2008 with the right to extend\n\n\n\nO Roxi has signed a memorandum of understanding, ('MOU') with Vision FMS\nKorea Co. Ltd. ('FMS'), a Korean private company. Under the MOU, prior to the\ncompletion of the Eragon Acquisition, FMS intends to subscribe, subject to due\ndiligence and regulatory approvals, an initial $25 million ...