Gulf Oil and Gas accountACCOUNT

Roxi Petroleum Announces Proposed Merger in Respect of the Company's Eragon Assets

Source: www.gulfoilandgas.com 2/27/2017, Location: Asia

Share |
Roxi Petroleum, the Central Asian oil and gas company, with a focus on Kazakhstan, has announced that it will shortly be posting to Shareholders a Circular regarding a proposed merger in respect of the Company's Eragon Assets. The Circular also provides details regarding the proposed Conversion of the outstanding $10,100,525 of Vertom Loan Notes into Roxi Ordinary Shares.

The 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% interest in the Company's principal asset, BNG.

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

Subject to the terms and conditions of the Merger Agreement, Roxi has agreed to allot 651,436,544 new Ordinary Shares to Baverstock. A further 80,804,200 Conversion Shares are to be issued to Kuat Oraziman pursuant to the Conversion of Vertom Loan, as detailed below. Together these new Ordinary Shares will represent 43.86% of the Company's Enlarged Share Capital.

Clive Carver, Chairman of Roxi commented: 'The proposed merger has been longed planned and once completed will bring 99% of our principal asset BNG under our direct control removing any funding constraints associated with maintaining the current structure. Additionally the capitalisation of some $10 million of debt would not only make the group essentially debt free but also demonstrates the continued belief and commitment of the Companies leading investors to its ultimate success.

Mergers and Acquisitions News in Kazakhstan >>

United Arab Emirates >>  6/19/2017 - Goldilocks Investment Co, an open-ended equity fund which is part of Abu Dhabi Financial Group, said it had bought 5 percent of Abu Dhabi-listed gas p...
United States >>  6/19/2017 - EQT Corporation and Rice Energy Inc. have entered into a definitive merger agreement under which EQT will acquire all of the outstanding shares of Ric...

United States >>  6/15/2017 - Diversified Gas & Oil PLC (DGOC), a US based gas and oil producer, is pleased to confirm that it has finalised the agreement to acquire certain gas an...
Norway >>  6/13/2017 - With reference to Sevan Marine’s fourth quarter report issued 21 February 2017, Sevan Marine informed that the company had received a formal notificat...

Sweden >>  6/8/2017 -  Atlas Copco, a leading provider of sustainable productivity solutions, has agreed to acquire part of Mobilaris MCE AB, a Sweden-based company that pr...
United Kingdom >>  6/6/2017 - Delek Group further to the immediate report of the Company dated May 12, 2017 (Ref. No .: 2017-01-048150), the Company hereby announces that on June 5...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Kazakhstan Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

 

Oil & Gas Companies in Kazakhstan >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.