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.
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