Roxi Petroleum Agrees BNG Royalty Cancellation Deal

Roxi Petroleum announced Friday that it has entered into an agreement with Canamens Limited and Sector Spesit IV, a sub-fund of Sector Umbrella Trust, to cancel future royalty payments due to them from production at Roxi's BNG asset, located in Kazakhstan.

As part of the agreement, the royalty payments would be cancelled in return for the issue of 46,661,654 fully paid ordinary shares representing five percent of the enlarged Roxi issued ordinary share capital. Completion of the cancellation agreement is conditional on the passing of certain resolutions at Roxi’s annual general meeting, which will be held on July 24, 2015.

Clive Carver, Roxi Petroleum chairman, commented in a company statement:

"This is an excellent deal for Roxi. On completion, we have removed a future uncapped liability, which may have affected the company's ability to secure traditional debt funding, and replaced it with a supportive institutional shareholder."

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Aker Solutions to Buy Brazilian C.S.E (Oct 21)
 -  Sea Trucks Group Secures Work Offshore... (Oct 21)
 -  Shell Divests Non-Core Oil, Gas Proper... (Oct 21)
 -  Petrofac Appoints New CFO (Oct 21)
 -  Wheatstone LNG Development Start-Up in... (Oct 20)

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours