Central Asia-focused junior oil and gas firm Roxi Petroleum announced Friday that it has received $10.4 million of the $23 million the company is being paid for its Galaz asset in Kazakhstan. Galaz is being sold to a consortium led by Chinese firm Xinjiang Zhundong Petroleum Technology Company.
The funds received will be used to further develop Roxi's flagship BNG asset in Kazakhstan. An oil and gas discovery was made at BNG by the firm in July 2014.
The Galaz block is located in the Kyzylorda Oblast in central Kazakhstan. The Contract Area was extended on Jan. 10, 2011 to 69 square miles (179 square kilometers) and now includes significant exploration upside on the east side of the Karatau fault system, as well as the NW Konys development.
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