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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. Story provided by Business Financial Newswire