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Roxi Petroleum provide update on BNG and KNOC farm out

Roxi Petroleum ,with a focus on Kazakhstan, announces that it has been informed by KNOC that KNOC has decided not to complete the previously announced farm in to BNG.All material regulatory consents had been received to allow the BNG farm in to proceed and significant preparatory work by Roxi and KNOC had been completed.

The only outstanding issue related to the procurement by Roxi Petroleum of an advance waiver from the Kazakh regulatory authorities to allow KNOC to switch its investment from BNG to Galaz in the event KNOC was not satisfied with the results from BNG. Under Kazakh law, waivers are only granted after a transaction has been agreed, and in this case such a condition was not capable of satisfaction.

Discussions over the past few months have centred on finding an alternative mechanism to protect KNOC' s position should it seek a switch into Galaz, but regretfully KNOC has decided none of Roxi' s suggested alternatives is acceptable.

Roxi will now look to build on the preparatory work at BNG with new partners and a further announcement will be made in due course.

11/22/2012

 

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