Roxi still looking for funds, shares slump

Sept 29 (Reuters) - Kazakhstan-based oil explorer Roxi Petroleum Plc (RXP.L) said it had yet to secure the medium-term funding it requires to develop its existing assets, sending its shares down by more than 21 percent on Monday.

However, Roxi said it was in advanced talks with several potential funders for short- and medium-term funding. It also said that it had undertaken a slew of measures for short-term funding.

The company has been in talks with several parties for long-term funding since the start of the year.

Last month, Roxi announced short-term funding measures such as a $3 million oil purchase agreement for its Galaz contract area, and a $1.25 million loan from a director. It also announced a farm-out deal with Canamens Energy Central Asia Ltd for its Ravninnoe contract area in Kazakhstan.

Roxi reported a first-half pretax loss of $18.25 million.

At 1150 GMT, Roxi shares were down 21.1 percent at 1.875 pence. (Reporting by Kumar Alagappan in Bangalore)