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

Transaction Type
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.