2010-04-09-2010-03-13-2010-03-13

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Formed JV to acquire assets in Argentina, Chile.

South Korean multinational trading company LG International Corp., (OTCBB: LGTRF) plans to acquire a 40% interest in Galaz and Co. LLP from Galaz Energy BV, an indirect subsidiary of Roxi Petroleum Plc, London, (London AIM: RXP) with assets in Kazakhstan, for US$50 million in cash, assumed debt and field development costs.

The purchase price includes US$24 million in cash, US$8.4 million for existing debt, repayable through future production, and up to US$26 million for the appraisal and development of NW Konys Field in Kazakhstan.

As part of the back-to-back agreement, Galaz Energy, which currently has a 73.4% interest in Galaz and Co., will acquire an additional 24.6% from its partners. After the sale to LG, Galaz Energy will retain a 58% interest in the operating company.