Roxi agrees farm-out deal in Kazakhstan and secures short-term cash
Thursday, August 28, 2008
Roxi Petroleum has agreed a farm-out deal with Canamens Energy Central Asia Ltd to develop its Ravninnoe contract area in Kazakhstan.
Roxi said the agreement was intended as a first step towards a longer term strategic partnership. The initial deal could see Canamens purchase up to a 32.5% interest in Ravninnoe Oil LLP with up to 20% of the total interest from Roxi and up to 12.5% of the total interest from the residual partners.
Roxi has also entered into agreements which, upon completion, will provide additional working capital. In aggregate, Roxi could receive up to US$22 million for the sale of 20% of its 50% interest of the Ravninnoe contract area in the form of cash and funding of drilling operations.
Elsewhere, Roxi has shored up its short term financing needs by agreeing a six-month loan of US$1.25 million from one of its directors, Kuat Oraziman. More cash is expected soon following an oil purchase agreement with a local purchaser associated with the Galaz contract area. That agreement will see Roxi receive a total payment for future production of the Tenge equivalent of US$3 million.
The company added that discussions were continuing with a number of interested parties to provide this longer term funding.
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