Business
Sale of Ravninnoe Oil LLP Int
Sale of Ravninnoe Oil LLP Int.
About this update from Caspian Sunrise Plc
[{"type":"text","content":"\n RNS Number : 2384U Roxi Petroleum Plc 12 October 2010 \n \n\nFor immediate release 12 October 2010\n \nRoxi Petroleum plc\n \nSale of Ravninnoe Oil LLP Interest \n \nRoxi Petroleum plc (\"Roxi\" or the \"Company\")(ticker: RXP) is the Central Asian oil and gas company with a focus on Kazakhstan.\n \n \nRavninnoe Oil LLP\n \nFurther to the Company's plans as outlined in the interim statement in September concerning Roxi's interest in the Ravninnoe Contract area Roxi announces that it has sold its entire 30% interest in Ravninnoe Oil LLP to Hamilton Services Limited (a private company) for US$ 2.6 million. The sales and purchase agreement is subject to the receipt of certain waivers from regulatory authorities. However, if the agreement is completed as expected by the Roxi board, the Company will transfer its title to the Ravninnoe interest before the end of the year.\n \nFollowing the completion of the sale Roxi will have no further interest or obligations in respect of the Ravninnoe Contract Area.\n \nDavid Wilkes, CEO commented\n\"The sale of Ravninnoe Oil LLP represents the continuation of the company's policy of focusing on our core assets, BNG and Galaz, and will ensure that our available resources are deployed on our more advanced development projects and those most likely to provide value to our shareholders .\"\nEnquiries: \nRoxi Petroleum plc\nClive Carver, non-executive chairman &nb...