Roxi Petroleum is trading as an enlarged company on Monday after the passing on 29 February 2008 of resolutions relating to its acquisition of 59 percent of Eragon.
Eragon is the holding company for three exploration and development assets in Western Kazakhstan.
Roxy paid $190m satisfied in shares for the company’s assets, which include the BNG, Galaz and Manaily contract areas in established petroleum provinces of “considerable” near term production potential, summed up in this way:
-BNG: 21 exploration leads
-Galaz: Discovery with near term production potential
-Munaily: Field rehabilitation
Roxi now has controlling interests in three oil fields and two exploration blocks with clear potential for further development.
The reworking and rehabilitation of Soviet era works is a recognised investment play, and we belive that Eragon could provide the same or better base for success as has been seen in UK listed markets.
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