REG - Roxi Petroleum Plc - Interim Results <Origin Href="QuoteRef">RXP.L</Origin> - Part 2

Caspian SunriseAnnouncement

29/09/2015 07:01

- Part 2: For the preceding part double click  ID:nRSc4631Aa 

          
 Net cash inflow2                                                               1,620                     
                                                                                                                    
 
 
1- the US$2.4 million release of cumulative translation reserves arose from
the disposal of the Company's 34.22% net interest in Galaz and Company LLP to
SI BV. This represents the previously capitalised translation losses
attributed to the interest sold, now written off during 2015. 
 
2- of the net US$28,266,000 purchase consideration US$3,829,280 was withheld
by SI BV in order to pay withholding tax on the capital gain that arose in
Galaz Energy BV. Purchase consideration in the amount of US$1,620,000 was
received during 2014 and six months 2015. The residual part of purchase
consideration net of capital gain tax, except for the retention amount, has
been received in September 2015. As of June 30, 2015 the total outstanding
amount under SPA is presented in other receivables line of Consolidated
Statement of Financial Position. 
 
7.         CALLED UP SHARE CAPITAL 
 
                            Numberof ordinary shares  $'000   Numberof deferred shares  $'000   
 Balance at                 858,433,994               14,761  373,317,105               64,702  
  31 December 2014                                                                              
 Issue of shares1           25,137,429                405     -                         -       
 Share options exercised    2,500,000                 38      -                         -       
 Balance at                 886,071,423               15,204  373,317,105               64,702  
  30 June 2015                                                                                  
 
 
1On 8 January 2013 the Company secured an additional US$40 million equity
investment from Kazakh investor Mr Kairat Satylganov. As at the reporting date
US$29.2 million of the total consideration were received in respect of
244,670,973 ordinary shares. 
 
8.         BORROWINGS 
 
                                  Sixmonthsended 30 June 2014  Yearended 31 December 2014  
 US$'000Unaudited                 US$'000Audited               
 Amounts payable within one year                                                           
 Otherpayables(a)                 4,621                        804                         
                                  4,621                        804                         
 
 
                                           Sixmonthsended30 June 2014  Year ended 31 December 2014  
 US$'000Unaudited                          US$'000Audited              
 Amounts payable after one year                                                                     
 Loan from Vertom N.V.(b)                  9,486                       9,075                        
 Interest free loan from Kuat Oraziman(c)  1,428                       1,428                        
                                           10,914                      10,503                       
 
 
(a) Short-term loans provided by Kazakhstan based borrowers and are repayable
on demand. The Company agreed with the borrowers the loans are repayable in
future once the Group companies reach free cash flows from oil sales. 
 
(b)  On 29 September 2011 the Company entered into the loan facility with
Vertom International NV ("Vertom") whereby Vertom agreed to lend up to US$5
million to the Company with an associated interest of 12% per annum. The
Company has offered Vertom security over its investments in its operating
assets in respect to this loan facility. On 30 April 2012 the Group extended
the term of the loan facility arrangement with Vertom for further two years to
30 April 2014 and at the same time increased the facility amount to US$7
million. On 28 June 2013 the term of the loan facility was extended until 30
April 2016.On 26June 2015 the term of the loan facility was extended until
30April 2018. The loan extension represents a substantial modification of the
terms of the existing financial liability and has been accounted for as an
extinguishment of the original financial liability and recognition of a new
financial liability. 
 
(c) The principal amount of US$1,428,000 represents an interest free loan from
Mr Kuat Oraziman that is repayable on 27 June 2017. The carrying amount and
fair value of the loan at 30June 2014 were not materially different. 
 
9.         SUBSEQUENT EVENTS 
 
9.1 Future royalty liability 
 
On July 24, 2015 the Company entered into an agreement with Canamens Limited
and Sector Spesit IV to cancel future royalty payments due to them from
production from Company's BNG asset in return for the issue of 46,661,654
fully paid Company's ordinary shares. That resulted to decrease in the
derivative financial liability by US$2.2 million. 
 
9.2 Options exercised 
 
In July 2015 the Company's former employee exercised 500,000 share options at
an exercise price of 4p. 
 
9.3 Proceeds under Galaz SPA 
 
On September 24, 2015 the Company received all proceed under Galaz SPA, except
for the retention amount. 
 
Company Information 
 
 Directors Mr C Carver (Executive Chairman)Mr K Oraziman (Chief Executive Officer)Mr KairatSatylganov (Chief Financial Officer)E Limerick (Non Executive Director) Company Secretary  Mr Clive Carver  Registered Office and Business address 5 New Street       Auditors Grant Thornton UK LLPChartered AccountantsGrant Thornton House, Melton Street  Euston Square, London, NW1 2EP Share Register Capita RegistrarsNorthern HouseWoodsome ParkFenay BridgeHuddersfield, HD8 OLA Principal Banker Citibank KazakhstanPark Palace, Building A, 2nd Floor, 41 Kazibek Bi Str.,Almaty,   
 Square, London, EC3A 3TW Company Number 5966431 Nominated Adviser and Broker WH IrelandLimited                                                                                                                                                                  050010Kazakhstan                                                                                                                                                                                                                                                                                                         
 24 Martin Lane                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
 London, EC4R 0DR Solicitors Fladgate LLP16 Great Queen Street, London, WC2B 5DG                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
 
 
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