Introduction to AIM in May 2007. Market Cap 64million at placing price of 38p per share.
Raised 39million from Institutions for building a portfolio of oil and gas assets in Central Asia.
Completed purchases of Ravninnoe and Beitars oilfields.
Strengthened company infrastructure.
Further aquisitions for 95million on 3 oilfields at North Karamandybas in Western Kazakstan. Value greater than current M Cap so treated as a reverse takeover, hence companies suspension from trading.
Option to aquire 50% intrest of two assets in Aktobe Oblast for 213million to be paid by cash or further flotation or a mixture of the two. Ownership of this asset is being contested in the courts and a decision is being currently awaited.

Returned from suspension end of last week at 38.5p. This rose to 43.5p on first day back, and has since retraced down to 26.5p. How low will it go? and when is it a buy, as I feel that it is already under valued.

1.81million shares all purchases traded after the bell last night, ranging from 27.94p to 31p. Should be due a mark up.

All blue purchases bar one small sale and the price is still being forced down.

I'm holding off buying at the moment as I feel there is further for this to drop. I get the impression that too many shares are being purchased at the same price. This hints to me that there may be a seller in the background, maybe one of the institutions. Could it be that the court decision is negative, blocking the latest aquisition. If so then price may fall further until all shares are sold. However this dosn't mean that this is a bad bet as I think the market always overreacts to any news.

Is this yet another "pie in the sky" oily?

Dont know for certain yet, but price has just turned up 0.5p by the spread being opened, probably to discourage trading. I think it may be safer to await court decision.

Jumped 1p whilst entering last post.

I placed a limit order to buy as all deals were routed to dealers. Then I spoke to a friend who said that reading from another website, this was either an absolute bargain or a total con. No one seems to know which, so I aired on the side of caution and managed to cancel my limit order before it was actioned.

I THINK I SHALL WATCH ONLY FOR NOW, BE CAREFUL, IF IN DOUBT LEAVE ALONE.

With a 17% rise of 4.5p prehaps I should have bought in. Oops. Still not convinced.

What about today, it was a HOT cookie all day and finished 13.5% UP

rumours that funding is being already arranged, has got the volume the best for some month

CHARTS

Some posters do not believe on them, but they play an important part on the movement of the share prices short term
We have at the moment the Indicators rising since yesterday from oversold position, also MACD at the point of crossing UP on divergence (blue line crossing red )
And the last volume increasing with share price rising is very positive.

WH Ireland brought out a BUY note on 5th june and it reads very positively indeed!!..Philip Morgan is the analyst who is well respected and he hints that the funding is well underway/advanced stages,etc, and the shares will react VERY positively afterwards..I managed to pick up some shares last thursday at @13p level before I saw their note which a friend of mine sent me..he held the shares already from much higher levels but bght more at the same time as me..lets hope LOL on the way!..I see some people are talking about 25-30p level after funding has been completed on the ADVFN bb's..!..BUY!!

Any idea where this is going to Master?
Do the charts tell us?

Going purely on chart, I would hazard an intelligent guess and say the shares are currently on a recovery phase and, subject to funding confirmation due very shortly we are led to believe, they should continue their uptrend to I would guess again into mid 20's...say..25/27p...after that who knows!!..30p...35p...45p...55p..etc..!!..the shares are very cheap anyway at current levels of 15/17p thats for sure!!..still a STRONG BUY !!

on the way up again?

EK appears to have shorted Roxi anyone know why?

time to get worried if ek is shorting

please! get a life.

How do you know that Halfiax?

They don't.

Final results due latest end of June should make interesting reading.

who is EK ????

Dealerdear, you are certainly very quiet in SOLA.

ek is evil knieval, about the most well known bear raider in uk. he's usually pretty good at shorting shares from the ones that i've heard about.....and rxp sudden drop now so i'd be worried if i held these

Where can you find out his dealings?

I agree, scot, EK's longs are not as powerful as his shorts.

If it makes you happy hlyeo I'll post on sola later.
As for this, this is just the MM's trying to put the frightners on.
I'm quite happy to hold post hols when IMO I'll expect to make enough so that I can go on yet another holiday this time with two glasses of whisky in one hand and two beautiful women in the other...

u must have big hands!! u trying to copy george best?

My well informed source told me this evening that he managed to pick up another 350,000 shares today @14p level..he bght a similar quantity last wednesday at below 12p and I followed him on thursday and bght at 12.95p...he says the news coming will be VERY positive indeed on fund raising accompanied by encouraging drilling results...watch this space!..the shares are still VERY CHEAP he says!..BUY for LOL guys!

On the rise again!

Like a bloody yoyo

I managed to pick up a few more shares this morning at @14.35p level..just taking further advantage whilst the shares are so cheap!...hopefully we will see them alot higher very soon...BUY!...

I have been informed that RXP's results and funding requirements will be announced next week... it should all read positively and hopefully the shares will begin their ascent into new territory!..watch this space..LOL coming.

I hope so.

At the moment MM's are just playing around with the sp trying to shake you out.

but this man is not for shaking

The shares are now looking very attractive again at these levels- 12.50/13.50p- good positive announcement on funding due very soon I am told..shares will react positively on news..rumour has it the koreans are keen to get a slice of the action!...BUY...

u said that about 2 weeks ago.....its going down and down!

Blueface,

what hapenned to the funding arrangements you said were going to be announced?

Andy

I am only passing on information from my own city of london sources and there has to be an element of trust built up over many years with one's sources of information,etc..the risk/reward ratio has to be ascertained in every investment in shares and certainly the reward far outweighs the risk case for buying RXP at these levels below 14p..patience will be rewarded..for example Western Canadian went all the way down from 140p last year to 25p and they have in recent weeks gone over 5 !!..just coming off their best today at under 5 ...now Roxi has the potential to recover from these levels to much higher heights when they raise their drilling money- they have the acreage in a highly desirable area and we know that oil & gas prices are going to stay very high for sometime to come ...say no more!!..fill your boots and hang on in there for an exciting ride..at least you are not paying @70p level like some people did or even 40p after they returned from suspension!..WH Ireland 's recent note says it all..the shares are an anomaly at present and they recommened BUY.

Just to let you all know that www.britishbulls.com...have got RXP as a BUY at these current levels of @13p.

better sell then! britishbulls is crap....i've tested it lots on several companies and its success rate is poor

u still ramping this dodgy share?

I can't agree with you more, scot. Britishbulls give loads of bullshit recommendations. And Roxi is certainly not doing well.

blueface,

I wouldn't pay any attention to that rubbish, they are frequently very wrong, and are only using TA, which doesn't work very well with small caps where news is the main mover of the SP.

Re the funding, I have seen many posts stating that funding is "sorted", and about to be announced, on various BB's, which is starting to look like unsubstantiated rumours and even ramping, as clearly it is taking longer than expected.

I would beware of people making statements that are not coming true, this is sometimes used to try and support the price by reassuring nervous shareholders and prevent them from selling.

Interesting comments Andy and I agree with all that you say!..one has to be very careful with people who deliberately say things to ramp shares but I am inclined to believe WH Ireland's comments in their recent buy note and I am an optimist at heart myself and try to weigh up all the information available from my own city sources..oil and gas exploration shares have always been volatile since i can remember.I bght Tullow Oil at 40p many years ago after meeting Adrian Heevey-chief exec- and he has done a superb job in the last 10 years building up his company to where it is now! I originally became involved in RXP last year and bght at 42p just after they floated on AIM and took my profit at 67p and kept out until i bght back in recent weeks at 12.95p and 14.30p where I am very relaxed and feel fortunate that I was not holding the shares when they got suspended and a certain hedge fund was a huge seller after they returned from suspension which contibuted to their rapid fall from 44p to current levels,etc..lets hope that we will hear positive news soon on funding arrangements and that confidence will be restored!..I note that there was a nosey buyer of 100,000 just under 13p at 16.27 just before the close of business today!..i wonder who that was!?!..

blueface 100k isn't much!

it is if it was a zimbabwe buyer

oh dear, another bad day for roxi

I have dipped in again this morning and bght 50,000 at 11.47p ...shares are just drifting..I spoke to one of my sources who spoke to someone at WH Ireland and was told that the shares are ridicously cheap now and that we should be hearing details of funding sooner rather than later!..fingers crossed and away we go on and upwards..the oil price is certainly holding up at higher levels so we are definitely in the right sector!

INSTANT LOSER WITH A SPREAD OF 12.5%

good steady performance in rxp yesterday and follow through buying today..I am pleased with my additional purchase on 27th june at 11.47p...we should be getting positive news very soon now...watch this space..if you have not bght in yet there is still time whilst the shares are under 20p!!..LOL coming guys..BUY

wheres that news?

graph looks awful....lack of funding and market will kill this

Funding news - that's what we're all waiting for. My bet is that we'll get a big announcement at the AGM on 18 July.

lol.....it was supposed to be over last month.....now its this month....then its next year....decade....century

LOL indeed - I'm also in MXP - same story there. Jam tomorrow, always tomorrow!

'Funding news - that's what we're all waiting for. My bet is that we'll get a big announcement at the AGM on 18 July.'

Not only funding news.. ( Kazak poster on ADFVB source says signed.. looks like a farm in partner) but we have started drilling. Wait for the drilling announcement this week. This is possibly the best price to get in.

I hope you are right shanus. I doubled up on Friday at a shade under 12p. I am trying to work it so that I can get to the AGM on 18 July. Anyone else planning to be there?

SHANUS

I do not know of a website called..ADFVB....I know of a website called..ADVFN...do you mean the latter?- presumably this guy called Kazak -nickname of course- is a bull of the shares from higher levels?..If funding/partnership deal has been signed as he says then the company would have to announce it to all shareholders...all I can say is that we will be updated at the AGM on 18th july - only 10 days away!--all we are hearing at present are rumours but usually there is no smoke without fire so the shares should be picking up ahead of good news --somebody always gets to hear first and lets hope that we will see these signs before the AGM !..I noted that there were 2 lots of 205,000 shares @12p mark reported as buys but I think it could have been a roll over as the deals were within a minute or so of each other...fingers crossed for positive news either before the AGM or on the 18th itself!..I am personally still very much a bull of the shares at these levels and I agree with WH Ireland's recent buy note at 11.50p on 5/6/08 saying that the shares are an anomaly at present and that the present market capitalisation appears to "significantly undervalue the business"--what more can one say guys!!--hopefully LOL for all patient shareholders!!

One of my city sources rang me today to say that he has bght more RXP shares for himself at @12.50p - he has been told that news will be very good at AGM -possibly could even be an announcement beforehand!..lets all hope so!

hows your shares getting on blueface

Became totally disallusioned and was not happy with the way shares were performing and sold out at 12p --thank God!!--still had to take a loss but it would have been alot greater had I held until today!!

r u sure u sold.....as u kep saying....wait....then wait....wait

i reckon u still got them

blueface what do WH Ireland think of the ridiculously cheaper sp now?

blueeyes2,

You sure you sold them?

When did you sell then?

Did your "source" advise you to sell? and did you "source" sell too?

lol andy

yes blueface kept saying his sources were buying more....and so was he at these low prices.

i think u should dump your city source blueface

RXP is weakening again...my guess to 2p.

.

Not in this yet? Excellent RNS this am, makes it look a very long term prospect.
imho
cyril

They've just secured 35 millions for the farm out of 35% of BNG. They are fully funded for 2009 and 2010. They are debt free. They have five successful wells now on test on Galaz. And yet the whole company is valued at 10 millions.
Surely this has to be the best value on the market? A multi bagger if ever I saw one.
I have a load of these and I am very happy to hold.

I believe the reason their's no great movement on this great news is, that 1st
production is next year? Looks like the markets attention is elsewhere at this minute,a bargain entry point for those with a long term view?
aimho
cyril

I believe the reason their's no great movement on this great news is, that 1st
production is next year? Looks like the markets attention is elsewhere at this minute,a bargain entry point for those with a long term view?
aimho
cyril

I have to agree with cyril, this is one to get on but not in the short term. People have been engrossed by other things on the market today and I wouldn't be surprised to see a move on RXP when the dust settles

Agreed, but today's news has just derisked any investment in this company which, could three-bag in quick order and still be cheap on any valuation metric.

I got in this morning, this looks a very good propect as medium funding is assured.

Holding it's own through the peaks and troughs, good times ahead I feel.

Funding and operational update

The Directors are pleased to announce that further to the Ravninnoe farm out agreement announced on 19 November 2008 and approved by Roxi shareholders on 22 December 2008, Canamens has exercised its option to fund the Ravninnoe work programme and has therefore paid US$ 8.5million into an escrow account.

In addition, Roxi is due to receive the initial advance payment of US$ 5million from Canamens in respect of the BNG farm out arrangements announced on 19 January 2009 once the Kazakh authorities have registered a charge over the group company that holds the interest in the BNG asset. This is expected to be completed within the next few days.

Roxi remains in contact with a number of potential strategic partners with the aim of securing a strategic financing package later this year,

The operational funding secured through the Ravninnoe farm out transaction will be used, to run detailed exploration programmes through 2009. Roxi and Canamens are in discussions as to the most effective operational plans for exploring BNG.

Rob Schoonbrood, Chief Executive Officer commented

'We are delighted to now be in a position to implement our plans for Ravninnoe and will imminently have additional funds to assist in the development of the Company's other assets.'


9 February 2009

'The only way is up' as the song goes

Looks like things are on the move at last. FWIW I reckon we have had a distressed seller creating an overhang of stock and this has held things back for a while. Looks to have cleared this morning, so we can start to make progress. Interesting to see the wall of buying that has hit the stock out of nowhere.

I was about to buy in this am, grandchildren arrived, when i checked back in they'ed risen 40%. I feel that a lot of profit filtered into this company, as anyone
who's checked these out would know they are well ahead of MXP in terms of
funding and resonable production?
The share overhang was the reason given for MXP rising, a little more cynical myself and believe funding news is imminent.
aimho
cyril

IMHO this company was as low risk as you could want when trading at 3p and those with a bit of patience will be rewarded.

I managed to get some at 4p,so very pleased wth the rise so far. Selftrade
have 250000 on the screen at prsent but are now only accepting 15,000?
cyril

May the force be with you Cyril

Well the force seems to be with Roxi, a late trade of 750k @10.25p to add to sustained buying.
cyril

Started off like a rocket today, but eventually came down like its stick. Looks like the recent rise has finally run into a bit of sustained profit taking. 12p is now resistence and it could take a while to get through this level.

Ravninnoe farm out

Roxi is pleased to announce receipt of a further $500,000 under the farm out arrangements in respect of Roxi's Ravninnoe's assets from Canamens NV. This payment is an advance on the Stage Two completion and facilitates the planning and tender award for drilling in Q3, while waiting on the final waiver of pre-emptive rights from the Kazakh authorities,.


The remainder of the $8.5 millions to be drawn down in stage two of the Canamens Ravninnoe farm out is held in an escrow account under the joint control of Canamens management and Roxi.


Galaz contract area licenses

Further to the announcement of 12 May 2009, Roxi is pleased to announce that it has received the extension to the sub-soil user contract and in consequence there will now be no pause in production at Galaz.

cyril

After yesterdays excellent news i've taken the opportunity to top up below 10p,a
snip imho.
All the trades shown as sells are buys at 9.85p
cyril

Roxi Petroleum plc


Funding and Galaz license update

In total US$24.5 m of funding transactions

US$24m (15 million) equity line of credit facility with GEM Global Yield Fund Limited

US$0.5 m raised through new share issue

Solid operational progress at Galaz (production) and BNG (exploration)

Roxi Petroleum plc ('Roxi' or 'the Company'), the Kazakhstan based oil exploration and development company is pleased to announce significant additional funding.

Funding

GEM facility

Roxi is pleased to announce that it has entered into a 15 million equity line of credit with GEM Global Yield Fund Limited ('GEM').

Under the terms of the equity line of credit Roxi is entitled to require GEM to subscribe for shares over a three year period at an issue price equal to 90 per cent of the average closing bid price for the 15 trading days following delivery of a subscription notice. Roxi will control the timing and the maximum amount of any draw down under this credit line and is not obliged to draw on the funds on offer.

In addition, pursuant to the terms of the equity line of credit, Roxi has agreed to issue to GEM warrants to subscribe for up to 9 million shares at a price of 13.75p per share at any time over the next five years.

GEM is part of a group of companies controlled by Global Emerging Markets Limited (www.gemny.com). Global Emerging Markets Limited was founded in 1991. The firm is a USUS$2.7 billion alternative investment group that manages a diverse set of investments vehicles across the world; the funds include: CITIC/GEM Fund; VC Bank/GEM Mena Fund; Kinderhook; GEM India and Banco Pine/GEM Funds.

Share issue

Roxi is also pleased to announce it has issued 3,215,020 new shares at a price of 10p per share raising some US$500,000 for the Company. Application will be made for the shares to be admitted to AIM. Admission is expected to be effective

10 June 2009.

Following the admission of these new shares the total issued share capital will consist of 376,532,125 ordinary shares of 1p each.

Operations Update

Galaz Contract Area

The third of four wells has been successfully tested on the company's NW Konus field, in the Kyzyzlorda Oblast. Well NK5 flowed at a stabilised rate of 430bopd on a 12mm choke after an extensive clean-up period. The well will be put onto a long-term 90 day test after completion of the NK3 test. The final well to be tested NK4 is being worked-over and scheduled for testing in June.

BNG Contract Area

Acquisition of the 360km2 3D seismic programme over the Yelemes and Ayrshagyl areas was completed in May. Initial results of the processing will be available in June with full 'time' processing expected to be completed in the third quarter.

Qualified Person

Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow in the Geological Society, London, has reviewed and approved the technical disclosure in this announcement. He holds a BSc in Geology and has 25 years international experience of exploration, appraisal, and development of oilfields in a variety of environments.


Rob Schoonbrood CEO commented

'I am delighted that we have been able to secure this substantial new funding - from a top quality partner, who is well aware of the potential of emerging markets oil and gas.

The GEM facility will provide reassurance to our trading partners that Roxi will be able to develop its assets as planned, meeting all our current commitments. .

Following a tough year in capital markets, we believe that with this combination of new funding, and a positive outlook operationally, there is every reason for cautious confidence for the future.

3 June 2009
cyril

The stockmarket report from UK-AnaIyst.com for Thursday 18th June 2009
Friday, 19 June, 2009 6:43 AM

Kazakhstan-based oil and gas explorer Roxi Petroleums (RXP) shares rallied by 2p to 12p after it announced that it has received 5 million dollars in funding. The majority of the convertible loan from Arawak, a subsidiary of the Vitol group, will be used to bring its Galaz project into production while the remaining 2 million dollars will be used for administrative purposes. The loan comes at an interest rate of LIBOR plus 7% and is repayable in 12 months. In the event of non-payment, the loan will be converted into 31 million shares at 10p per share. In addition to the loan, Roxi Petroleum holds funding facilities totaling 29 million dollars

Final Results for the Year Ended December 2008




The Company is pleased to announce its final audited results for the year ended 31 December 2008. The full report and accounts together with the notice of AGM convened for 29 July 2009 are available on the Company's website at www.roxipetroleum.com and will be posted to shareholders today.






Financial Highlights
$190 million acquisition of 59% Eragon Petroleum plc (Eragon)
o Eragon acquisition provides significant growth in value of the portfolio:

Farm-out arrangements concluded with Canamens Energy in respect of Ravninnoe and BNG
o 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

Post Balance sheet events
$24 million equity line at credit with GEM

$5 million convertible loan with Arawak , part of the Vitol Group
o 75% to Galaz project
o 25% to Roxi for general use

Operational Highlights including post balance sheet events

Successful completion of seismic projects

o 193km Ravninnoe 3D seismic programme
o 30km Galaz seismic programme
o 121km Beibars 3D seismic programme
o 25% of the 366km BNG 3D seismic programme

Early production targeted:

o 35,500 barrels of oil produced to date from Galaz

Appraisal of 55 million barrels C1+C2 reserves



Outlook
Multiple funding transactions have stabilised balance sheet

Roxi now capable of developing assets through seismic and drilling operations

Strong partnerships with Kazakh businesses remain at the core of Roxis strategy












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.'




29 June 2009




Enquiries:



Roxi Petroleum plc



Rob Schoonbrood, CEO
+7 727 244 0920






College Hill (Financial PR)



Paddy Blewer / Nick Elwes
+44 (0) 20 7457 2020






WH Ireland (NOMAD and broker)



James Joyce
+44 (0)20 7220 1666


Chairman's Statement




The principal ingredients for a successful oil and gas company are good assets, effective working relationships with the local regulators and access to capital.




From the interest shown by third parties we have an attractive portfolio of assets, to date we have encountered no material issues in our dealings with local regulators and we have of late entered into a number of innovative ways to fund the continued development of the assets despite the shortage of development capital.




Eragon

In March 2008 we completed the acquisition of a 59% interest in Eragon plc, the holding company for three oil and gas assets in Kazakhstan. The consideration for these assets was US$190 million, payable predominantly in Roxi shares issued at a price of 65p per share.




In May 2008 we successfully extended the contract territory at one of our new assets, BNG, to 1,561 km2 for an additional $60 million, again predominantly payable in Roxi shares issued at a price of 65p per share.




Two of the three assets acquired, BNG and Galaz, have already exceeded our expectations, with Galaz producing on a test basis at up to 1200 bopd and very encouraging early seismic results at BNG.




A shortage of funding in the second half of 2008 resulted is us moving more slowly than we had hoped on the assets we acquired at the time of our IPO in May 2007. However, the farm-out with Canamens Energy Asia Limited ('Canamens'), a London based specialist funding company with an interest in Kazakhstan, in respect of our Ravninnoe asset should allow us to make significant progress in the current financial year.




Operating environment

We continue to enjoy extremely strong and effective working relationships with the various regulatory bodies in Kazakhstan. We are also pleased to continue to have a strong Kazakh presence on our share register. Our approach of growth through partnership has attracted the interest of a number of international companies and investors considering investments in the Kazakh energy sector who do not have the local infrastructure and experience Roxi enjoys.




Funding

The climate for raising money for small exploration and development companies was markedly different in 2008 than it was at the time of our IPO in May 2007. Throughout the summer and autumn of 2008 we sought without success to raise significant additional funding from a range of international financial investors. In this we are not alone as financial investors were deterred by the general economic situation and the falling oil price. By the autumn it was clear that we needed to find an alternative way to fund the continued development of our assets.




In September 2008 we announced a farm-out of 20 per cent of our interest in Ravninnoe with Canamens. To date we have received US$5.5 million from Canamens to develop the Ravninnoe assets.




Since the year end the financial position of the Company has improved. In January 2009 Roxi entered into a further farm out arrangement with Canamens this time in respect of our asset at BNG. To date we have received US$8m million under this arrangement which is subject to Roxi shareholder approval at a forthcoming General Meeting.




In May 2009, we announced a US$24 million equity line of credit facility with GEM, a $2.7 billion fund based in New York. This facility is intended to provide a safety net in the funding of our existing operations, should more conventional forms of development finance be unavailable.




In June 2009 we announced a US$5 million loan from Arawk Energy Limited ('Arawak'), which is owned by Vitol, one the world's largest oil trading groups. Arawak also has interests in Kazakhstan. The Arawak loan is principally to assist us move Galaz into full production and if not repaid by June 2010 will convert into 31 million of Roxi shares representing 8 per cent of the total shares in issue.




To facilitate the Arawak loan we agreed with Kuat Oraziman a director of the Company, to subordinate and postpone repayment of US$15 million loan due in June and July 2009 for a twelve month period in return for issuing 36 million of warrants. US$10 million of Mr Oraziman's loans have been placed on terms equivalent to the 18 million warrants issued in favour of Arawak. US $10 million of Mr Oraziman's loans have now been placed on the same commercial terms as the Arawak loan.







The combination of the farm-outs put in place with Canamens, the convertible loan from the Arawak, the facility from GEM, the rescheduling of the loan repayment due to Mr Oraziman and the marketability of our producing asset at Galaz leave us in a far stronger financial position that was the case throughout much of 2008.




Management incentives

In common with many companies the management incentives put in place at the time of our IPO no longer fulfil their main purposes, that of retaining and motivating key management. In addition, now our financial outlook appears better than for some time, we have started to recruit staff to continue the development of the Company's assets who would not be sufficiently motivated by the arrangements put in place in 2007. We therefore, intend to adjust the existing incentive scheme in respect of the options previously announced in the days following the publication of these results.







Outlook

We are focused on developing our existing portfolio of assets against the backdrop of a stronger financial position and a steadying oil price. The sustained interest shown by potential investors in our assets and the progress made to date on limited funds causes us to believe the prospects for the Company are strong.




I would like to thank all our employees and our advisers for their commitment over the last twelve months.







Clive Carver

Chairman
29 June 2009

Chief Executive's Statement

There can be no doubt that 2008 was a difficult year for many small Exploration & Production companies, including Roxi. While we were delighted to complete the acquisition of a 59 per cent interest in Eragon plc at the start of the year the constraints imposed on the enlarged group by the lack of readily available development finance later in the year were severe. As a result, difficult decisions were required to ensure the Company's survival.




We waited as long as prudent to secure significant new funding for enlarged portfolio of assets and to fund the proposed acquisition of ADA and ADA Oil which had been announced in October 2007. Only when we believed it was clear that such funding would not be forthcoming on commercially acceptable terms did we consider selling down the level of our interest in the assets we owned to assist in funding our existing work programme commitments.




The farm-out arrangements we have negotiated with Canamens Energy Central Asia Limited ('Canamens') in respect of our BNG assets has provided the means of meeting our expanding work commitments on these assets for the current year and provided a mechanism to allow further years to be funded depending on progress.




The Canamens farm-out arrangements concerning Ravninnoe provide the means to get the important first well drilled on this asset. The farm-out arrangements we entered into with KazRos Munai. which allowed the drilling of four new wells at Galaz, has already been demonstrated to work with test production at these new wells running at a level of up to 1200 bopd.




These farm-outs together with the additional funding measurers put in place since the year end and announced in May and June 2009 should significantly ease the operational difficulties in fulfilling our work programme commitments.




Strategy

Over the medium-term we have identified Central Asia as the area of our planned operations but in the short-term have focused our efforts in the Republic of Kazakhstan. The oil producing regions of Kazakhstan have already witnessed significant discoveries and have an extensive extraction and distribution infrastructure.




It remains our strategy to work with local partners who are already established in the territories in which we wish to operate. We believe working with well-respected and experienced partners enhances our operations and manages risk through better understanding of the complicated regulatory processes as well as giving us a deeper knowledge of the local business environment.




We have retained operational and financial control and believe this is the most effective way to deliver projects on time and to budget.




Eragon acquisition

As noted in the Chairman's report and elsewhere, our greatest success since our formation has been the completion of the acquisition of a 59 per cent interest in Eragon. This has placed us firmly on the map in Kazakhstan as a company that has the ability to negotiate and complete a very complicated acquisition on mutually beneficial terms whilst maintaining the goodwill of our commercial partners and the Kazakh regulatory authorities.




It remains our firm view that the interests in the assets acquired as part of the purchase of Eragon have outstanding development potential. Galaz is already producing and BNG looks extremely promising. The Eragon assets have already been fully integrated into the Company's financial and operational structures.




Infrastructure

The enlarged Company's activities are run from modern offices in Almaty. There is a regional office in the Caspian sea port of Aktau, which is the centre of operations for BNG, Ravninnoe and Beibars. A small operations office has also been established in Atyran for logistical ease. A branch office in Kyzlorda has been established to service the Galaz asset.




Staffing

The Roxi team is now some 72 strong in total comprising 45 in the main Almaty office and 27 in the regional offices and field locations. Of these employees 22 are technical staff, 15 are financial staff, 17 are operational staff and 18 fulfil other activities. 66 of our staff are Kazakh nationals.




As a consequence of the deteriorating economic situation 34 staff left Roxi in July 2008, followed by our Chief Operating Officer in September. Additionally, in September the board and senior management agreed to an ongoing 20 per cent cut in their pay, which will be repaid when the Company is able to do so without jeopardising its work programme commitments.




In November 2008, further reductions to staff were made and 28 staff left the Company.

In December 2008, a general salary reduction of 20 per cent was made to all staff with the exception of Galaz field staff.




In total these actions have saved some US$140,000 per month.




Assets update

BNG Contract Area

Exploration

Following the acquisition of Eragon plc in March 2008, Roxi held a 58.41 per cent interest in 'BNG Ltd' LLP which operates the Ayrshagyl block in the South Pre-Caspian Basin. An extension was granted by the Ministry for Energy and Mineral Resources in Q2 2008, enlarging the Contract Area by 139km2. In Q2 2008, a contract to acquire 366km2 of 3D seismic was signed to cover the Yelemes and Arhshagyl structures.




The first block of 160km2 3D seismic was completed over the old Yelemes-54 discovery and Yelemes -1 discoveries. These discoveries were made in the 1980's, but never appraised. The seismic is currently being processed in Almaty by PGS Kazakhstan prior to interpretation a selection of appraisal drilling locations in Q3 2009.




The acquisition of the full 366km2 3D survey was completed in May 2009. The full dataset is planned to be processed in Q3 2009 and will be used to evaluate the deep and intermediate exploration potential in the area for further drilling in Q4 2009.




In January 2009, Roxi entered into a conditional farm-out agreement with Canamens such that in return for interests totalling 35 per cent of the interest held by BNG, Canamens agreed to advance BNG an initial US$5 million and to fund a maximum of US$50 million of the 2009 and 2010 BNG work programmes.




Because of the size of these arrangements relative to the size of the Company the approval of Roxi shareholders is required before the farm-out agreement can be implemented in full. Accordingly, a General Meeting will be convened to consider and if thought fit to approve the proposed BNG farm-out arrangements.




If the proposals were approved Roxi's interest in the BNG Contract area asset would fall from 58.41 per cent to 37.96 per cent.




The carrying value of the Roxi's BNG assets reflects the value implied by the proposed Canamens farm-out arrangements.




Ravninnoe Contract Area




Proven oil discovery - appraisal and development

At the start of 2008, Roxi held a 50 per cent interest and operational control of the Ravninnoe field, in the south of the pre-Caspian Basin discovered in the 1980's. A 168km2 3D seismic programme which was commenced at the end of 2007 was completed in Q1 2008, and initial processing was completed in Q2 2008. The discovered carboniferous reservoirs are currently being evaluated and a well will be drilled in Q3 2009. Both shallow and deeper exploration prospectivity is also being evaluated.




The re-entry programme for old wells on Ravninnoe field was suspended after encountering damaged casing in both wells 8 and 5.




In November 2008, Roxi entered into a farm-out arrangement with Canamens such that for a maximum total interest of 32.5 per cent Canamens would advance US$5 million and up to a further US$22.5 million to fund the Ravninnoe 2009 and 2010 work programmes.




To date US$5.5 million has been received from Canamens in respect of this farm-out arrangement, which have facilitated that plans and preparation for the first well on Ravninnoe.




The Ravninnoe farm-out arrangements were approved by Roxi shareholders in General Meeting on 22 December 2008. On completion of the Ravninnoe farm-out arrangements Roxi's interest in the Ravninnoe field will be 30 per cent.




The carrying value of Roxi's Ravninnoe assets reflects the valuation implied by the Canamens farm-out arrangements.




Galaz Contract Area

Proven oil filed - appraisal and development targeting early production

Following the completion of the acquisition of Eragon plc in March 2008 Roxi held a 50.15 per cent interest in Galaz LLP, based in Kyzylorda. The Contract Area contains the North West Konus field discovered in 1992. 3D seismic acquisition was completed in Q1 2008 and processed in Q2 2008.




Well NK1 was drilled in Q2 2008 to appraise the Arskum 'M2' sands, and is currently suspended peroling evaluation to establish flow. The results of the well have confirmed that the Arskum 'M2' sands are not the primary reservoir in NW Konus and that Upper Jurassic intervals provide the best potential for development.




In November 2008, Roxi entered into an arrangement with KazRos Munai LLP whereby they agreed to drill up to nine new wells (four to a depth of 1400 metres and a further five to a depth of 2800 metres) for a total cost of US$17 million in return for a maximum interest of 32.5 per cent interest in the Galaz Contract Area.




The four wells have been drilled successfully. The company is in discussions with KazRos Munai over the possibility of an equity stake in Galaz being transferred in exchange for these services. The drilling of further wells will become optional to Galaz. A futher 1.5 per cent of Galaz and Company LLP was sold for $500,000. Following completion of the farm-out arrangements Roxi's interest in the Galaz assets would be 30.09 per cent. At 31 December 2008 Roxi's interest was 50.14 per cent.




Testing of the four wells commenced in April 2009. Over an initial 50 day period Galaz has produced 35,500 production barrels (4,704 tonnes) of oil, equivalent to an average rate of 709 bopd of light 38˚ API oil, which has been sold for an aggregate of $133,000.




GOST reserves currently being finalized prior to consideration by the State Geological Committe. SPE reserves estimates will be calculated after completing testing.




The carrying value of Roxi's Galaz assets reflects the value implied by the KazRos Munai farm-out arrangements.




Beibars Contract Area




Exploration

Roxi holds a 50 per cent interest and operational control of Beibars exploration Contract Area in the Mangishlak Basin near Aktau. A 121 km2 3D seismic programme (delayed from 2007 due to the issuance of a military polygon on the Contract Area) was acquired in Q2 2008.




Following the delays caused as a result of the military intervention a force majeure event has been requested by the Ministry for Energy and Mineral Resources in respect of the Beibars asset. Consequently all work programme expenditure has been deferred by at least 12 months, pending resolution of the military polygon that was awarded over the Beibars contract.




The seismic data acquired in 2008 is being evaluated to potential drilling locations.

The carrying value of Roxi's Beibars assets is based on original cost, which the Directors consider to be appropriate based on their assessment of the underlying value.



Munaily Contract Area



Proven oil filed - rehabilitation targeting early production

Following completion of the acquisition of Eragon plc in March 2008, Roxi holds a 58.41 per cent interest in 'Munaily Kazakhstan' LLP which operates the Munaily Field in the South Pre-Caspian Basin.




Well H1 was shut in after a successful three month test period at average rates of approximately 100 bopd under natural flow. C1 category reserves have been calculated at $1.1 million and have been approved by the State Geological Commission for approval.




On 22nd December 2008 Munaily and BT Corporation signed a SPA for the sale of Munaili for $3 million. $1 million was payable on signing of which $500,000 was paid in December 2008. BT went on to drill this asset but did not pay the balance of the consideration due.




Therefore the SPA has been cancelled and the asset is proposed to be resold for a total amount of $3.5 million. The cancellation and the new contract are currently being finalised. On completion Roxi will have no interest in this asset.




Roxi has not ascribed any value to its Munaily assets.




In aggregate the reduction in the carrying value of Roxi's assets during 2008 was $67.4m.




ADA update

We remain interested in the assets in ADA and ADA Oil. However, the vastly different economic conditions today compared to those prevailing when the ADA and ADA Oil acquisition was originally negotiated in the summer of 2007 make funding the acquisition, as originally structured, impossible.




Discussions continue with ADA and ADA Oil with a view to Roxi becoming involved in the development of these assets.




North Karamandybas

At the time of the IPO in May 2007, we were in discussions to acquire an interest in an asset with near term production potential at North Karamandybas. As reported at the time and subsequently, the board resolved not to complete the acquisition until the outcome of a legal challenge to the existing ownership of the asset was known.




Although the dispute has moved on significantly the ultimate ownership has still to be determined. Accordingly the acquisition envisaged in May 2007 will not now take place and a deposit of US$1 million is now due to be repaid to Roxi.




Accordingly we have made a full provision against the receipt of this amount, which we will continue to hold until the money is received or it becomes clear it will not be repaid.




Social programmes

Under Kazakh regulations part of our obligations under the various work programmes on the assets in which we have interest are paid in the form of contributions to local social programmes. I am pleased to report in 2008 Roxi made significant contributions to:

Kyzylorda region social fund (Galaz) $333,000; Atyrau region social obligation (Munaily) $83,000 and Mangistau regional social obligation (BNG) $625,000. These contributions, while mandatory, help secure the good standing of the Company with the local regional authorities and with centrally based regulators. Roxi is pleased to have assisted in the developments of these projects.




Environmental

No significant environmental issues have surfaced at any of the properties acquired to date. Compliance with environmental regulatory bodies is being managed from both the Aktau and Almaty offices.




Kazakhstan

Kazakhstan remains a favourable operating environment for a company such as Roxi. We have already established good working relations with the various regulatory bodies responsible for our industry.




The new Tax Code has four principal objectives: the reduction of the general burden of tax on non natural resource sections; the increase in economic returns from natural resources extraoties; the optimisation of tax privileges and the improvement of the tax administration system.




The reduction of corporate income tax from 30 per cent. to 15 per cent. results in a corresponding reduction in deferred tax from 30 per cent to 15 per cent. The original valuations of Roxi's assets were based on of a level at deferred tax at 30 per cent.




Outlook

There is no doubt that 2008 was a difficult year for Roxi. Despite this the quality of our assets leads us to believe that the prospects for the company are very strong provided we are able to fund their development.




To survive we were forced to sell down our participations in Ravninnoe, BNG and Galaz to allow us to fund our commitments under work programme established during times when funding was easier to obtain.




For a company in only its second full year of life the progress Roxi has made in some of the worst market conditions in living memory are worth noting:


We have a developed infrastructure and a portfolio of diverse and exciting assets that have attracted interest from a number of larger international companies

At Galaz we are already producing at the rate of up to 1,200 barrels per day

We have established relationships with international industry partners such as Canamens and Arawak/Vitol that we hope to build upon over the short- and medium-terms

We have secured our immediate short-term funding needs


We therefore look forward with confidence for a brighter future for Roxi than in recent times.

Rob Schoonbrood

cyril

The clearer picture given by the results seems to have been well recieved,steady
buying helping to raise the SP 8%.
cyril

Just in and noticed RXP flying,not sure why so i took some profit. Probably kick myself later on but could find nothong to justify such move,emt?
cyril

From t1ps.com
"Finally, I (EK) am buying Roxi (RXP) at 11.25p. Apparently this is currently a smidgin cheaper than Max (MXP). But buy both if you are taken with Kazakh oil."

Harry; I have(both) and doing nicely thank you. I consider RXP to be a
great stock,which offers low risk against high reward.
aimho
cyril

Flying today,selftrade offering 13.63p for 125,000. EK's approval has done wonders for the SP.
cyril

Updated blog for newbies:

http://roxi-petroleum.blogspot.com/

Thanks Kiwi7, nicely put together blog. BB.

1st read this from todays Indendent;
Roxi Petroleum

Our view: Sell

Share price: 10.5p (-0.5p)

The credit crunch has been a tough time for small-cap oil explorers, and it has been a tough time for Roxi Petroleum. "We struggled during 2008 to raise the funding we required to develop our assets at the pace we would have wished," the Kazakhstan-focused group acknowledged in yesterday's half-year results.

To keep work going on their best fields, Roxi put together a series of "farm-out" arrangements bringing in other companies to help defray the cost. Work is now under way at Ravninnoe and Galaz, following deals with Canamens and Arawak Energy respectively. Shareholders also approved a further tie-up with Canamens over the BNG asset last month, although the company's management is now working on a separate deal with Baverstock a shareholder in both Roxi and BNG.

The downside is the erosion of Roxi's portfolio. "Inevitably the result of the arrangements is that Roxi has a smaller interest in the assets it owns," the company said.

It is not all bad. Roxi has raised 600,000 through a new 10p share issuance and has agreed a $24m (15m) credit facility with the GEM Global Yield Fund in New York as a "safety net", and the company says it is now in a good position. "It appears that the financial markets are beginning to return to a more positive state and the recent movements in the oil price are encouraging," the chief executive, Rob Schoonbrood, says. Yesterday's results also show the company's losses for the six months down from $18.3m to $8.9m in response to savage belt-tightening.

But with the $5m Arawak loan set to convert to equity if it not repaid by next June, and global economic recovery far from certain, Roxi is a sell.


Now here's a summing up by an extremely capable PI;

Let's see what the house broker has to say and the note should be with us pretty soon, probably after the LG deadline tomorrow.

What is the guy @ the Independant smoking ?

Like many small E&P's, we are tight for cash to run the busines and have had to dilute our asset base to create the right deal for all. All E&P's farm down teir acreage ! it is impossible to fund intermediate and deep prospects without considerable cash and this is how the game works.The dilution is in the price that's why we are not @ 74p anymore and still priced to go pop imo !!!

We are in a very strong position to exploit our acreage ie -:

Have funding through Canamens to drill Ravinnoe and BNG
Have a $24M GEM finance facility should we need it
Funded to develop the 4 Galaz wells to 3000bopd of production through Q4
Have raised 600k in the market @ 10p

We will soon find out on outcome of Galaz discussions with LG although i suspect that we will run with the production in Q4. In this event we will be operationally self funding in early 2010 and no need to raise any more cash for day to day running of business. Funding already in place to drill acreage over next 2 years and no more dilution needed. We won't need the GEM finance and any short term cash requirement will likely be met by another small placing.

The dilution is in place. We do not need any more cash to drill our prospect base and any further development of the Galaz well beyond these 4 wells is likely to be funded by a small farm in and eventually from production.

We have production, soon to have more and have 3 serious wells to drill over the next 3 months. Sell ?? the guy from the Independant is an indiot !!!

Smarty

If you now look at the blog site posted on post 94 by Kiwi7.

Seems a chance to get in on the cheap to me??
aimho
cyril

Thanks for that.

Out most of yesterday and missed the RNS, which has granted an extension to the
MOU which was originally granted on 17th July,for an extra month???
SP making food progress and not surprised,must be somrthing of interest??

Extension of MOU

Roxi Petroleum plc ('Roxi'), announces that it has entered into an extension to its memorandum of understanding ('MOU') with LG International Corp. ('LG'), the Korean based multinational. The original MOU was announced on 17 July 2009, and was granted to allow LG exclusive access, until 30 September 2009, to Roxi's records in relation to the Galaz assets with a view to LG acquiring Roxi's interests in those assets in full.

The extension to the MOU grants LG continued exclusive access to the records until 31 October 2009.

cyril

Strong buying at the minute,
cyril

yep, good!

Very quiet on here considering yesterday's news,while its a little disappointing that
our stake in BNG has been reduced to 23.4% all funding now sorted and plenty to look forward to.
This w/end the extension to the MOU regarding Galaz is up,so we can expect news of the outcome (probably next week?)and the spudding of Rav should also be announced. All in all a very exciting few months for RXP,with a lot of upside,in fact if you take that the sale of Galaz(if successful)should raise something in the order of the present M/Cap,theirs a lot for free.
An excellent long term for the patient,with a some short term posslbilities?
aimho
cyril

Roxi announces that it has today written to shareholders notifying them of the posting of a shareholder circular and notice of General Meeting on its website (www.roxipetroleum.com). The General Meeting will take place at 10 a.m. on 17 November 2009, at the offices of College Hill, The Registry, Royal Mint Court, London EC3N 4QN.

Highlights of the shareholder circular are set out below and is followed by the text of the Chairman's letter included in the shareholder circular:

Highlights of revised proposed transaction:

Roxi alone will now contribute up to 35% of the interest in the BNG Contract area currently owned by Roxi and Baverstock that is proposed to be sold to Canamens (in two stages; Stage 1: 23% and, at Canamens' option, Stage 2: 12%) and will procure that Baverstock retains its current 40.59 % interest (the "Proposed Sale")




Baverstock has agreed that following the completion of the Proposed Sale the original $100 million work programme funding commitment made by Roxi to Baverstock at the time of the acquisition of Eragon will be reduced to $8.4 million (taking into account $50 million to be received from Canamens)




Canamens will pay Roxi up to $57 million (Stage 1: $32 million plus a $2 million bonus upon completion of Stage 1, and Stage 2: $23 million) for the sale of up to 35% interest in the BNG Contract area




Roxi in turn will then fund $50 million towards the BNG work programme commitments in 2009 and 2010




Up to $17.5 million of the monies advanced by Canamens will be treated as loan receivables to be repaid from BNG Contract area oil sales




When both stages of the Proposed Sale are completed the interests in the BNG Contract area will be Roxi 23.41%, Baverstock 40.59% and Canamens 35%




Rob Schoonbrood CEO commented:

"This is an important step for the Company and we are delighted to have secured funding for one of our principal assets."

cyril

While i scribbled this was released.

30 October 2009


Roxi Petroleum plc
("Roxi" or the "Company")


Operations update, Ravninnoe Oil Spuds Well 20


Roxi announces the spudding of well number 20 on the Ravninnoe Contract Area in
Western Kazakhstan, on 30 October 2009. The well is being drilled by Ravninnoe
Oil LLP ("Ravninnoe") (in which Roxi has a 30% interest), and is the first well
drilled following Canamens farm-in announced in November 2008.


The access road from the nearby town of Opornya and the well site were completed
by the end of August, and Parker Drilling Rig 247 was mobilised on 1 September
2009. The rig up and completion of the camp was accepted by Ravninnoe on the
29th October 2009.


The Ravninnoe field was discovered in the 1980's and has up to 57 mmbbls of oil
in place, but reported reserves of only 3.7 mmbbls proven + probable + possible.
This is an important well, the first to be drilled on the Ravninnoe field since
the 1980's, and is designed to acquire sufficient information about the
reservoir architecture, quality and productivity to enable the development of
the Field to proceed. The well will be drilled near the centre of the Ravninnoe
structure, offset from well number 8, which encountered hydrocarbons in the high
pressure Permo-Carboniferous section between 3200m and 3300m.

Seems now they can (and are) get on with it.
cyril

New Blog Entries:

BNG Deal: http://roxi-petroleum.blogspot.com/2009/10/roxi-finally-seals-bng-farm-out-deal.html

1st Rav well spuds (including research links and volumetrics): http://roxi-petroleum.blogspot.com/2009/10/roxi-spuds-first-well-on-ravninnoe.html

Unless the Galsz deal with LG (MOU now over)is positive then short term i can see the possibility of sub 10p.Not to worriied myself as we will retain production and with the latest news,funding is no longer an issue.So we could be looking at a buying opportunity.
This stock has certainly tested ones patience but imo, will come good in the not too distent future?
cyril

GM results and post meeting chat:

http://roxi-petroleum.blogspot.com/2009/11/results-of-general-meeting.html

7kiwi, thank you for your report,most informative. Whether to top up at the
present SP,which looks cheap and with some positive news close,would love too,but already heavily invested so i'll resist the temptation for now.
cyril

Something brewing(i think?) SP suddenly shooting up,no idea why.Could it be the Galaz deal finalised??
Absolutly no
idea,but we should find out
soon?
cyril

Would they have a 43% interest in the NK22 field thats was spudded on the 24th Nov. If so a month on they could have reached drilling depth and news imminent.

Balerboy goto post K7's blog is where you'll find all relivent info.
cyri;

Wednesday, 9 December 2009
Roxi Names New CEO as David Wilkes

Roxi Petroleum (AIM:RXP) today announced the appointment of David Wilkes as CEO.

Of course David Wilkes joined the board on 1 October as Finance Director, so this move looks like a planned succession as the existing CEO, Rob Schoonbrood, retires at the age of 65.

Rob has worked extremely hard through the credit crunch to lay the financial foundations that will enable Roxi to drill the BNG and Ravninnoe contracts areas using finance raised from Canamens and to drill the Galaz block with the deal struck with KazRosMunai LLP.

Let's hope that David can build on these foundations and take the company to the next level. Results from the Ravninnoe Well #20 and Galaz Well NK22 cannot be too far away.
Posted by 7Kiwi at 13:23

Seems the broker's note (Matrix) has released to the few and could be the reason for todays hike? If so they must have struck a cord with their clients
looking at the SP,so tomorrow expect it on their web site.
cyril

Lots of news expected here soon, so I am not surprised that things are turning around with the share price. Even so, the very excitable crowd over the road at advfn seem to have gone into overdrive about a 0.75p rise!

Broker Note:

http://roxi-petroleum.blogspot.com/2009/12/roxi-broker-note-released.html

Another ome of my holdings (larger in this case)making good headway,it's been a long slog lately but [atience seems to be paying off?
2 wells iminemt RAV and GAlaz,i'm hopeing the rise is for leaked news(naughty)
and not traders speculating?
cyril

News (via e0mail) of Rav is out next week,with Galaz to follow? No guarantees but
drilling into a oil discovery from the 80's.
cyril

Successful drilling of Rav,testing to follow.Ravninnoe Update


Highlights:


* Ravninnoe Well 20 drilled to 3455m, encountering hydrocarbons
* Wireline logs confirmed a gross 30m hydrocarbon column
* Testing planned in February

Roxi Petroleum plc ("Roxi" or the "Company") announces that Ravninnoe Well 20
(Roxi interest 30%) reached a total depth of 3455m, after encountering
hydrocarbon shows while drilling and coring the pre-salt Carboniferous section.
Wireline logs confirm the presence of a gross hydrocarbon column of
approximately 30m, with higher than expected pressure. Ravninnoe Oil LLP
("Ravninnoe") has released Parker Rig 247 and plans to mobilise a work-over rig
immediately to test multiple reservoir intervals.
The Ravninnoe Field was discovered in the 1980's when 12 wells were drilled on
and around the structure, but failed to establish commercial reserves.
Subsequently, Ravninnoe has acquired 3D seismic and re-entered the old wells,
which were found to be too severely damaged to test. Roxi announced the farm-out
and sale to Canamens (32.5%) in August 2008. The deal was eventually closed in
June 2009, following which Ravninnoe started the drilling programme and the
acquisition of high quality core, log and test data.
David Wilkes, CEO commented:
"I am delighted that we, with our partners, have completed the successful
drilling of well 20. The information which we have acquired will allow us to
reveal the potential of the Ravninnoe accumulation and if determined to be
commercial, bring the field into production."

cyril

Chance to acquire some cheap stock as the market is slow on the uptake with this one?
http://www.investegate.co.uk/Article.aspx?id=201002031038516031G
cyril

New blog post with my commentary on today's RNS:

http://roxi-petroleum.blogspot.com/2010/02/roxi-releases-operational-update.html

http://www.stockopedia.co.uk/forum/view/37233-roxi-petroleum-rxp-operational-update

Not accepting this now?

Seems below radar but come the 28thFeb Oilvarrel coverage will help.

Some excellent news,

11 February 2010

Roxi Petroleum plc

Sale of Galaz Interest

Roxi Petroleum plc ("Roxi" or the "Company")(ticker: RXP) is an AIM listed exploration and production company operating in Kazakhstan.

Highlights:

Back to back agreements signed on Galaz:
- LGI to purchase a 40 per cent. interest in Galaz
- LGI financing $26 million for appraisal & development of NW Konys field
- GEBV to sell 40 per cent. interest in Galaz and will receive $24 million from LGI

Galaz

Roxi is pleased to announce that, together with its partners Roxi's indirect 59 per cent. owned subsidiary Galaz Energy BV ("GEBV"), it has agreed through back to back agreements to sell a 40 per cent interest in the operating company for the NW Konys Field, Galaz and Company LLP ("Galaz") to the Korean multinational trading company LG International Corp. ("LGI") for US$15.6 million. In addition, LGI will pay US$8.4 million for a 40 per cent. interest in existing debt of an equivalent value, which will be repayable through future production. LGI will also provide financing to Galaz of up to $26 million for appraisal and development of the NW Konys field. Management considers these funds will be sufficient to finance this project through to commercial production. GEBV currently has a 73.4 per cent. interest in Galaz, but as part of the back to back agreements GEBV will acquire a 24.6 per cent of Galaz from its other local partners. Following the sale of 40 per cent. of its interests to LGI, GEBV will retain a 58 per cent. interest in Galaz.

As part of the above arrangements, Roxi has varied the terms of the previous agreement with KazRozMunai LLP, announced on the 19 November 2008, such that GEBV will now pay for services provided towards the work programme, rather than transferring any equity participation in Galaz to KazRozMunia LLP. Together the above are referred to as the "Galaz Agreements."

The Galaz Agreements are subject to due diligence by LGI and the receipt of certain waivers from the regulatory authorities. However, if the Galaz Agreements are completed as expected by Roxi management, the company will retain an indirect 34.2 per cent. participating interest in Galaz, and be provided with approximately US$10 million funding available for other assets.

David Wilkes, CEO of Roxi Petroleum said

"Completion of the Galaz agreement with LGI will mark a turning point for Roxi. Not only would we retain a meaningful interest in this producing asset, but we would secure substantial funding of its work programme commitments. This together with our recent completion of our farm out deals with Canamens puts Roxi in a strong position to develop its existing assets and achieve production by the end of the year."

cyril

Todays news seriously de-risks RXP and yet little SP movement making an
ideal chance to buy in/top up.The only reason imv market is waiting on the Greek salvage plan,perhaps prudent to hold back until the result is known,but as i said a great buying opportunity?
aimho
cyril

New CEO buys at 1st opportunity.

The Company was notified on 11 February 2010, David Wilkes, Chief Executive Officer of the Company, acquired 262,000 Ordinary Shares in the Company on 11 February 2010, at a price of 9.5 pence per share:

cyril

Following the issueing of options at 12p and nicely tined prior to Oil Barrel
presentation(just starting),some excellent news which de-risks the compamy.


Kazakhstan oil explorer, Roxi Petroleum says that it has made a second discovery on the Galaz Contract Area, encountering 12.8 metres of net pay in good quality lower Cretaceous, and Upper Jurassic aged reservoir formations.

CEO David Wilkes states: "This represents the sixth consecutive oil well drilled by Roxi in the past 14 months.

" It is an exciting discovery of a satellite accumulation to NW Konys field in the Galaz Contract Area which will allow Roxi to add to pilot production expected to start in Q2."

cyril

http://roxi-petroleum.blogspot.com/2010/02/roxi-petroleum-rxp-oil-barrel-report.html

And about the Galaz discovery:

http://roxi-petroleum.blogspot.com/2010/02/roxi-petroleum-rxp-announces-galaz.html

kiwi7 yjanks for your efforts,mudh appreidated.

David Wilkes CEO. has taken this opportunity to increase his holdings by a further 102,000.
cyril

It's a shame the market doesn't appreciate it but I guess we have to accept it is going to be a long haul

DD i agree but with LGO now invovled it seems (via Galaz)an offer will come somewhere down the line and meanwhile a safe looking set of fundimentals?
cyril

Up a touch again this morning, but so much more to come.

From yesterdays share mag,
kazakh based oil explorer roxi petroleum is set for a packed 2010 work programme that should produce steady news flow to support its share price. A reserves upgrade could also follow before the end of the year to act as a further catalyst making the shares a buy at 9.75p.

The group plans to drill around 19 exploration, production and appraisal wells over the next 12 months and should be fully funded for this activity after signing a farm out agreement with private oil firm canamens on its core BNG block in October last year, it also agreed to sell a 40% stake in the Galaz joint venture company, which operates the NW Konys oil field to Korean multi-national LG International earlier this month. Combined with the farm out to Canamens of part of its stake in the Ravinnoe field back in 2008, the deal has brought around $120 million worth of investment into its acreage.

The 40 million market caps strategy involves bringing proven undeveloped discoveries in Kazakhstan onstream using modern technologies and drilling techniques. By the end of 2010 the company, which is not yet producing oil say its output will be around 2,000 bopd.

Roxi has five main blocks in the country the aforementioned Rav, BNG and Galaz assets as well as the much smaller Munaily oil field and Beibars exploration block. The company is looking to farm out its interest in the latter at some point this year. Shares Says....The companys 2010 work programme is impressive and should prompt an increase in the share price

And this am the new CEO buys his 3rd lot if shares in 15days.
News on the horizon.
cyril

Creeping slowly back towards where I plunged in some 18 mnths ago.

To think it was meant to be a day trade and I was up at one point!!

Good volume and a nice rise,ccould it be that news is about to be released?
cyril

Having sold out in 2008 at @30p I have just bght in again at 11p--today--very good news i hear is on the way --the shares should be re-rated soon and will continue in their upward trend guys-LOL--BUY!!

Going well this am,trying for 12p with all buys so far.
cyril

Todays RNS seriously de-riske this stock and is now cheap imho?

Roxi Petroleum plc
Operational Update

Roxi Petroleum plc ("Roxi" or "the Company"), the Central Asian oil and gas
company with a focus on Kazakhstan, is pleased to announce the following
operational update:

BNG South Yelemes Well 54 tests 200 barrels of oil per day and a rig is on
location to spud Well 805
BNG seismic acquisition starts on 895 square kilometre programme
Ravninnoe well 20 tests 240 barrels of oil per day, with acid stimulation
planned
Galaz pilot production approval now expected in May 2010 and well NK22
test results imminent
Munaily moving to commercial production

BNG (Roxi Interest 23.41%)
South Yelemes Field
The Company is pleased to announce the successful re-entry and testing of well
54, on the South Yelemes field, which was drilled to a total depth of 3250
metres. Upon testing the lower interval (starting from 2223 metres) the well
flowed oil and formation water at rates up to 90 barrels per day due to water
influx behind the casing, from a deeper water leg. After isolating the lower
interval with a cement plug, the upper interval, across Upper Jurassic sands at
a depth of 2212 metres, tested at an initial rate of 200 barrels of oil per day
on a 5mm choke. The well will be put onto a 90 day production test prior to
pilot production.
Well 54 was originally drilled in 1988 and the reservoir was severely damaged
during abandonment. Roxi is very pleased to have re-entered this well and
achieved the production of dry oil. Furthermore, Roxi believes new wells should
produce at significantly better rates.
BNG is also preparing to spud the first of two appraisal wells (805 and 806) on
the South Yelemes field in mid-April. The drilling contractor, SNGS LLP, is
completing safety inspections before hand-over of the rig to BNG. Well 805 will
be drilled to 2500 metres to test two oil bearing Callovian sand intervals, one
of which is producing in well 54. Following the cementing of production casing,
the rig will move directly to the well 806 location which is being prepared for
its arrival. Both wells have secondary targets in the upper part of Middle
Jurassic formations. The wells are expected to take 30 days each to drill and
following approvals for pilot production from the Kazakh authorities (currently
applied for), they will be put onto production. After drilling wells 805 and
806, BNG is scheduled to drill between 3 and 6 further wells in 2010 to test
other post-salt targets identified from 2009 seismic interpretation at between
1700m and 3000m depth. Drilling new exploration targets is expected to provide
rapid organic growth to BNG's reserves base and production.
The Company currently estimates South Yelemes recoverable reserves to be: P90
6.7 million barrels, P50 12.5 million barrels, P10 20.1 million barrels.
Following the appraisal drilling SPE reserves will be estimated later in the
year.
3D Seismic Programme
BNG has mobilised the seismic contractor, Dank SIF LLP, to the contract area and
commenced parameter tests prior to acquiring a total of 895 square kilometres of
3D data over the summer months. This represents some 46% of the contract area
in coverage, which together with the 2009 3D seismic acquisition means that BNG
will have 3D seismic data over 80% of the block. The remaining 20% of the block
is scheduled for 3D seismic acquisition during 2011.
Ravninnoe (Roxi Interest 30%)
Well 20 drilled in November and December 2009, was perforated over a cumulative
18 metre interval of Middle Carboniferous dolomites and limestones on 26 March
2010. The well flowed at initial rates of 240 barrels of oil per day on a 4mm
choke and has confirmed a 30 metre dry oil column. Ravninnoe plans to put the
well on long term production test while preparing acid stimulation of the well
to enhance productivity.
These results support the Company's initial estimates of up to 60mmbbls of oil
in place (gross) in Upper and Middle Carboniferous reservoirs over the Ravninnoe
structure. Following the successful confirmation of dry oil in the upper
intervals and after long term production testing, the Company will also evaluate
lower intervals for perforation.
Roxi has, together with Canamens Energy BV (32.5% interest) ("Canamens"), signed
an agreement with the Kazakh partners (none of whom are related parties) who
together hold a 37.5% interest in Ravninnoe Oil LLP, to facilitate the continued
testing of well 20, and future operations. The deal, in the form of a Sale and
Purchase Agreement, sets out the terms of assignment of interest (subject to
State approval) should the Kazakh partners not be in a position to fund their
share of the work programme in the future.

Galaz (Roxi Interest 50.14%)
NW Konys Field Pilot Production
The pilot production project submitted for approval in December 2009, still
awaits final approval from the authorities. It is anticipated that approval
will be granted in May 2010, allowing pilot production to commence immediately
thereafter. Galaz currently has five production wells, which have a combined
production rate of 1,200 barrels of oil per day based on the tests carried out
during 2009. The pilot production will include a further four wells to be
drilled later this year. In the meantime Galaz is installing a beam pump on
well NK4, which will produce test oil until pilot production begins. McDaniel &
Associates have been engaged to audit the reserves upgrade on the NW Konys
contract area.
Well NK22
Galaz and Company LLP have mobilised the work-over rig and test facilities on
well NK22 and are currently finishing preparation of the borehole for
perforation of a 14m interval of the lowest Cretaceous Arskum sandstone
reservoir and test results will be announced in due course.

Munaily (Roxi Interest 58.41%)
The Ministry of Oil and Gas for Kazakhstan has granted Munaily permission to
proceed to a 19 year production phase of the Sub-Soil User Contract. Munaily is
currently undertaking field development planning, and production facility
designs with local institutes in order to comply with the required procedures to
gain the necessary approvals for production later this year. Roxi anticipates
that Munaily Field will be capable of producing between 300 and 400 barrels of
oil per day, however, initial production will start at 80 barrels of oil per day
from well H1.

David Wilkes, CEO said
"The first quarter has shown progress across all four assets. I am particularly
pleased that we are selling our first oil from BNG, with the likelihood of sales
from four assets by July. This test and pilot production will mean that we can
expect to achieve further reserves in the near future "

Qualified Person
Duncan McDougall, Technical Director of Roxi Petroleum and a Fellow in the
Geological Society, London, has reviewed and approved the technical disclosure
in this announcement. He holds a BSc in Geology and has 25 years international
experience of exploration, appraisal, and development of oilfields in a variety
of environments
cyril

Promising, very...promising....sp might creep up to 15p or so....

Not now,


Roxi Petroleum ("Roxi" or "the Company")

Operational Update

Roxi Petroleum ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following operational update:


BNG - First tranche of 3D acquisition completed over North Yelemes
Ravninnoe - Well 20 ready for 90 day production test and acidisation
Galaz NK22 testing delayed and remedial action required


BNG (Roxi Interest 23.41%)

South Yelemes Field

Well 805 has set the 9 5/8 inch casing (at a depth of 803 metres) and is drilling ahead towards the target Jurassic section and planned total depth of 2500m.

3D Seismic Programme

Seismic contractor, Dank SIF LLP, has completed the northern section of the 3D seismic programme on the contract area. BNG is currently evaluating bids for seismic processing and will be awarding the seismic processing contract shortly. Priority will be given to processing and interpretation of this first tranche of data to delineate exploration potential on the North Yelemes area.

Seismic acquisition has now started on the southern area and is scheduled to be completed in August 2010.

Ravninnoe (Roxi Interest 30%)

The work-over rig has been released and demobilised from Well 20, and the well prepared and connected up to production facilities for 90 day production testing and acid stimulation, scheduled to begin during May 2010.

Well 20 was drilled during November and December 2009 and perforated over a cumulative 18 metre interval of Middle Carboniferous dolomitic carbonates on 26 March 2010. The well flowed at initial rates of 240 barrels of dry oil per day.

Galaz (Roxi Interest 34.2%)

Well NK22

Initial attempts to perforate and test the Arskum sandstone have proved to be unsuccessful due to a poor cement bond and subsequent water influx from behind casing. Galaz is currently preparing plans for remedial action, most likely to be cement squeeze and reperforation. Under the terms of the recently announced Sale and Purchase Agreement ("SPA"), further operations will wait until the Company's new partner, LG International, have reviewed and approved the programme. Before closing of the SPA which will be subject to various State approvals, the parties have agreed to revise the operating company (Galaz and Company LLP) constituent documents such that LG International will have operational control of the sub-soil user contract.
cyril

Diappointing,but more of a delay,so just more patience required.Taken from another board,explains nicely why no worries.



Press release from last week by LGI. Don't panic!!!!!!!!!! one delayed well is one delayed well only.



http://www.lgicorp.com/eng/about/news/news_view.jsp?txtGubun=D&txtSeqNum=93

LGI International acquired a 40% interest in for the North West Konys Field in Kazakhstan

-Acquired a 40% interest in the NW Konys in Kazakhstan as well as all rights of operation

-Will begin pilot production in H2 this year, with an estimated daily production of 1,600~3,800 barrels
-Will strengthen its block operation capabilities through its own operation from exploration to production



LGI acquired a 40% interest in the NW Konys in Kazakhstan as well as all rights of operation.



LGI announced on April 29 that the company signed Sale and Purchase Agreement (SPA) with Galaz Energy B.V. (GEBV) to acquire a 40% interest in operating company for the NW Konys, Galaz and Company LLP (Galaz), as well as all rights of operation.



Under the SPA, LGI will acquire a 40% interest and all rights of operation in the NW Konys owned by Galaz for USD 24 million. The NW Konys, which is located in Kyzylorada oblast, central Kazakhstan, will begin pilot production in H2 this year.



The production volume will start at 1,600 barrels of oil per day and will gradually

increase to 3,800 barrels of oil per day.



The acquisition of the NW Konys will bring LGIs total Exploration and Production asset in Kazakhstan to five (LGIs existing blocks are ADA, Block8, Egizkara, and Zhambyl). Notably, ADA is the first oil discovery field where a South Korean company venturing into the region successfully discovered crude oil. Of the blocks being developed by South Korean companies, ADA is progressing the fastest, having begun pilot production in H2 last year.



According to an LGI official, Based on the expertise we have acquired from the ADA and our other businesses and possessed by our professionals, we will operate the NW Konys by ourselves and will thus strengthen our overall operating capabilities, from exploration to production. In so doing, we will further consolidate our position in Kazakhstan, called the second Middle East, where we have an optimal portfolio in the Exploration and Production business.

cyril



LGI continues stable commercial production in West Bukha, Oman, and is poised to expand its Exploration and Production business not only in Central Asia, the Middle East, and Southeastern Asia, which the company has already ventured into, but also in other promising regions, including South

One of my sleepers seems to be stirring? A very encouraging RNS this am.
cyril

Reserve update this am,prior to the AGM.
cyril

Lets consider the share for the day

A surge on volume and share price today

Bouncing from the lows

There was a clear out last week ...........

12 October 2010
Further to the Company's plans as outlined in the interim statement in September
concerning Roxi's interest in the Ravninnoe Contract area Roxi announces that
it has sold its entire 30% interest in Ravninnoe Oil LLP to
Hamilton Services Limited (a private company) for US$ 2.6 million. The sales
and purchase agreement is subject to the receipt of certain waivers from
regulatory authorities. However, if the agreement is completed as expected by
the Roxi board, the Company will transfer its title to the Ravninnoe interest
before the end of the year.

Following the completion of the sale Roxi will have no further interest or
obligations in respect of the Ravninnoe Contract Area.

Large volume showing and moving higher now 5.875p +1.25p
With one buyer paying the first 6p
Certainly all the Indicators were ready for a move UP and take the share price with it

Some large trades after hours on the ticker now

250K at 5.50p and 150K at 5.95p and a couple smaller at 5.50p

Opening higher tomorrow morning finished spread 5.25 / 5.50p

Now at 7p and rising on 2 wells started - time to get on board I suggest.

SP rising on expected news from NK20 well spudded 9/12/10 30 day drilling program.

One that got away,held for quite a time before dumping for pastures new. Meant to
to re-join beginning of last week sub 6p,DOH.
Well her's the news ,

Roxi Petroleum plc

Operational and Business Update



Roxi Petroleum ("Roxi" or "the Company"), the Central Asian oil and gas company with a focus on Kazakhstan, announces the following update:



Final Consideration for Galaz sale received from LGI.

Grant of Galaz Contract Area extension update.



Galaz Sale

Roxi is pleased to announce that, following recent approval from the Anti-Monopoly Agency of Kazakhstan, it has now received the full consideration of US$15.6 million for the sale of 40% interest in Galaz and Company LLP, through its subsidiary Galaz Energy BV (GEBV), to LG International Corp. (LGI). Furthermore, under the terms of the transaction, Roxi will now receive access to further funding of US$ 17.5 million loan financing from LGI for the further development of the NW Konys field.

GEBV now holds a 58 per cent. direct interest in Galaz, LGI holds a 40 per cent. interest and local partners hold a 2 per cent. interest. Roxi holds an indirect 34.22 per cent. participating interest in Galaz through its holding in GEBV.

The preparations for the 2011 Pilot Production drilling Programme is now under way, under the operational control of LGI, based from Almaty. There are already five wells drilled and completed on the field with standalone facilities ready to start pilot production. Initially two wells will be put into production with the remaining three wells to be brought on as the pilot development progresses.

Galaz Contract Area extension

During 2010, Galaz and Company LLP applied for an extension of the Contract Area to the South and East of the block to explore the eastern side of the Karatau fault. The company has received preliminary confirmation of the extension and amendment of the Sub-Soil User Contract, increasing the total Contract Area six fold to approximately 180 square kilometres.

David Wilkes CEO commented:

" The conclusion of this deal represents the beginning of our new partnership with LGI and we look forward to working alongside them on developing this exciting asset.

The deal also provides Roxi with sufficient funds to focus on its two principal assets, being Galaz and BNG, and will enable us to better develop these core assets into production going forward.

The application for the extension area gives significant exploration upside to the Galaz Contract."

Finally its happening for me..

Lucky girl! Enjoy!!!

thanks Harry..

superb.

It will go double from here if the exploration well hits the jackpot......but even without that the company is close to good production.....

Its break-out time rf..

fill ya boots.

Is there any value left here? What happened to all the hype?

They have moved on, by the look of things! Fickle and transient. Probably punting SOLO now.

I still expect this to come back, the "stan" oilies are very volatile....MXP and such....can go ballistic or slump....have not been following this, but will have a look when I get a free whole hour (here's hoping)....

Thanks I'll like to get our money back!

Glad I was sceptical when I bought!

lol

"The Company notes the significant rise in its share price over the past two days and media speculation over discoveries, and can confirm that it is not aware of any operational reason for the movement.

The Company intends to release its Interim Financial Statements for the six months ended 30th June 2011 on 26th September 2011."

Ouch!!!! Bet a few mug punters got caught here today. whoops

Not one I have been following much, but rumour was that they had located 900m barrel reservoir. Trouble is that they are not curently drilling, which seemed to lay that particular rumour to rest!

http://www.investegate.co.uk/Article.aspx?id=201201030700208370U

One of my tips for 2012,not the mark up i'd expected.10% up but a spread of upto 20%
so a little patience,waiting for 1st production,but the real upside here is the well being drilled at this moment and results should be later in the month?

the indicators are very encouraging...showing the sp will go up very soon...

Roxi Petroleum (LON:RXP) jumped 27% to 3.5p at the mid-price during afternoon trading after the company said that the preliminary interpretation from Well NK7 indicates that the well encountered oil bearing zones, in the lower Cretaceous at a depth of 1,288 meters and also in the upper Jurassic sands at a depth of 1,307 meters. The Well which was spudded on April 25, reached a total depth of 1,360 meters on May 15, after which wireline logging was run. Evaluation work continues and once the interpretation of the wireline logging with coring data has been completed, perforation intervals will be selected and testing will be carried out by work-over rig