Roxi, Baverstock Looking to Merge Eragon Interests

Kazakhstan-focused oil and gas company Roxi Petroleum plc announced Monday that it will shortly be posting a circular to shareholders regarding a proposed merger in respect of the company's Eragon assets.

Independent directors and the Baverstock quotaholders have, subject to independent Roxi shareholder approval and regulatory consent, agreed to merge Roxi's and Baverstock's interests in Eragon, which holds an indirect 99 percent interest in the company's principal asset, BNG.

The merger is to be achieved by Roxi increasing its effective shareholding in Eragon from 59 percent to 100 percent, thereby increasing Roxi's interest in the BNG contract area from 58.41 percent to 99 percent.

Subject to the terms and conditions of the merger agreement, Roxi has agreed to allot 651,436,544 new ordinary shares to Baverstock.

"The proposed merger has been long planned and once completed will bring 99 percent of our principal asset BNG under our direct control, removing any funding constraints associated with maintaining the current structure,” Clive Carver, chairman of Roxi, said.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

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.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)
 -  Irish Gas Grid Could Receive LNG from ... (Jul 19)
 -  What's It Take to Land a Job as a Petr... (Jul 14)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Contracts Negotiator
Expertise: Contracts Administration|Contracts Engineer|Legal
Location: Houston, TX
 
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours