Roxi sells further 12% of BNG
By BFN News | 11:58 AM | Wednesday 31 March, 2010
Kazakhstan oil & gas company, Roxi Petroleum says that Canamens Energy has exercised an option to purchase a further 12% of the BNG asset for a further funding commitment of $23m.
This funding commitment will be treated as a loan to BNG Energy B.V., repayable from future revenue from production at the BNG Contract area.
In December 2009, under stage 1 of the BNG disposal agreement, Canamens acquired 23% of the BNG asset from Roxi in return for funding commitments of US$32 million from Canamens, of which US$27 million has been treated as a loan to BNG Energy B.V repayable from future production at the BNG Contract Area.
Canamens also paid Roxi US$2 million on signing.
Following the exercise of option by Canamens, Roxi will hold a 23.41% interest in the BNG Contract area.
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