Trowers & Hamlins

 
Trowers & Hamlins, the City law firm, has advised WH Ireland Limited, Nominated Adviser and Broker to Roxi Petroleum Plc which has published an admission document and circular for the proposed acquisition of 59% of Eragon Petroleum Plc (Eragon) and the re-admission of its shares to AIM.  The market capitalisation of the company following admission at the share price of the consideration shares issued to the vendors of Eragon will be £208.1 million.

Roxi Petroleum Plc is a Kazakhstan based oil exploration company which, following completion of the Eragon Acquisition (which is a reverse takeover under the AIM rules) will have controlling interests in three oil fields and two exploration blocks totaling 1,453 km² in the Pre Caspian and Turgani basins. The total recoverable oil is estimated to be 700 million barrels. Roxi Petroleum has an option to extend the exploration area by 139 km² for US$60 million.

Roxi Petroleum also holds an option to acquire a 50% indirect interest in the ADA Group for US$425 million. The ADA Group owns two exploration and production assets located in Western Kazakhstan.

Trowers & Hamlins corporate partner, Richard Hildebrand, led the transaction and was assisted by corporate associate, Charles Wilson.

Charles Wilson comments: “We are delighted to have acted for WH Ireland in what was a complex transaction.”

“Trowers & Hamlins has advised on numerous AIM transactions (especially in the natural resources sector) and has firmly cemented a reputation for itself in the AIM market.”

McCarthy Tétrault advised Roxi Petroleum.

ENDS

Press enquiries:

Richard Hildebrand
Partner        
Trowers & Hamlins
Tel: 020 7423 8000

Paul Arvanitopoulos or Nick Mattison
Mattison Public Relations
Tel: 020 7645 3636