Roxi Petroleum, the Kazakhstan focussed exploration and production group, has entered into agreements to farm-out interests in two of its assets. The Ravninnoe farm-out agreement with Canamens will provide additional working capital for the Group and the Ravninnoe drilling programme. The Directors are looking forward to working with Canamens to appraise and develop the Ravninnoe field.

The Company has also entered into a farm-out agreement with KazRosMunai LLP (KazRos) to farm-in to the Galaz Contract Area. KazRos, a Kazakh drilling company based in Kyzylorda, will be using their rigs to drill 9 wells on the NW Konus field to earn an equity interest.

The Company also announces that Kuat Oraziman has been appointed executive director on the board effective from 1 November 2008. Mr Oraziman has been serving as a non-executive director to the Company since May 2007.

Rob Schoonbrood, Roxi CEO said, “These deals represent a significant step towards the development of Roxi’s asset portfolio, and I am particularly looking forward to working with our new partners to bring both Galaz and Ravninnoe into production. I am also delighted to welcome Kuat Oraziman to an executive role on the board. His business skills have already contributed greatly to the company’s activities, and his greater participation will only strengthen the company’s future”.

Tags: Canamens (UK) Limited, Roxi Petroleum