Arawak Exercises More Options in Roxi Petroleum (AIM:RXP)

In two recent announcements (03/11/09 and 23/11/09), Roxi Petroleum has raised a total of ~£1.5m through the exercise of just over 15m options at 10p each.

Options at 10p were issued to Arawak Energy Limited (now part of Vitol Group and now called Altius Energy) and Kuat Oraziman in the announcement made in June 2009 to bring in funds to finance bringing Galaz into production. Subsequently Mr. Oraziman sold his 36m options to Arawak for an undisclosed sum.

So, it seems likely that Arawak are the party exercising the options and they have now exercised ~15.5m of the 54m options they held. Interestingly, the exercise price rises to 15p/share at the end of March 2010. So, this exercise of options shows a welcome show of confidence in the company, especially as the mid price of Roxi shares today is some 9.5p. These transactions also provide working capital funding to the company without recourse to the GEM facility, and thus does not dilute existing shareholders more than has already been announced.

Edit: 2/12/09 according to today's announcement it seems as though Arawak Energy did not exercise the ~6.4m options exercised on 23 November. That remains a bit of a mystery.