Roxi, a Kazakhstan-based oil exploration and development/production company, announced its results today: http://www.stockopedia.com/news/announcement/RXP/090629rxp000469.htm
Financial Highlights
- $190 million acquisition of 59% Eragon Petroleum plc ("Eragon")
- Farm-out arrangements concluded with Canamens Energy in respect of Ravninnoe and BNG. Funding will allow value creation through seismic and drilling
- $60 million extension to BNG assets
- $289m total assets on balance sheet
- $44m loss for period end
- $24 million equity line at credit with GEM
- $5 million convertible loan with Arawak , part of the Vitol Group (75% to Galaz project, 25% to Roxi for general use)
Operational Highlights
- Successful completion of seismic projects
- 193km² Ravninnoe 3D seismic programme
- 30km² Galaz seismic programme
- 121km² Beibars 3D seismic programme
- 25% of the 366km² BNG 3D seismic programme
- Early production targeted:
- 35,500 barrels of oil produced to date from Galaz
- Appraisal of 55 million barrels C1+C2 reserves
Rob Schoonbrood, Chief Executive Officer commented:
After what has been a testing period in capital markets, I am delighted to say that we have turned the corner in three key aspects. We have increased the value of our portfolio through acquisition, sourced new funding and also proved our ability to add value through operational development, successfully adding both reserves and production to Roxi. We have therefore moved to a position where we look forward to the future with increased confidence. 2009 will be a key year of operational development - implementation of our strategy for the development of our assets, whilst at the same time keeping an eye on new opportunities, leads us on a low risk path to further increases in production and reserves in the near future.
