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  • ROC and Horizon Announce Proposed Merger to Create a Leading Asian E&P Company
    édité le 29/04/2014 - Plus de news de "Roc Oil" - Voir la fiche entreprise de "Roc Oil"

ROC and Horizon Announce Proposed Merger to Create a Leading Asian E&P Company
Roc Oil Company Limited (ROC) and Horizon Oil Limited (Horizon) today announced that they have entered into a Merger Implementation Deed (MID) under which they have agreed to merge via a Horizon Scheme of Arrangement (the Merger). Refer to Annexure A for details.

The transaction will bring together two highly complementary E&P companies to form a single Asian E&P company.

Horizon shareholders will receive 0.724 ROC shares for each Horizon share they hold, being the exchange ratio implied by the 10 day VWAP of Horizon and ROC shares ending on 23 April 2014, the last day on which Horizon and ROC shares were traded prior to the announcement of the Merger.

Following completion of the Merger, ROC shareholders will own approximately 42% of the merged company and Horizon shareholders will own approximately 58%.

The proposed Merger has the unanimous support of both the ROC and Horizon Boards. In the absence of a superior proposal and subject to an Independent Expert concluding that the Merger is in the best interests of Horizon’s shareholders, the Board of Horizon unanimously recommends that Horizon shareholders vote in favour of the Merger, and each Horizon Director intends to vote in favour of the Merger in relation to shares held or controlled by them.

About Roc Oil

Roc Oil Company Limited (ROC) is one of Australia's leading independent upstream oil and gas companies with a presence in China, South East Asia and Australia. The Company operates across the full range of upstream business activities from exploration and appraisal to development and production delivery.

As an operator with strong industry relationships, including National Oil Companies, ROC has a unique set of competitive advantages - a distinct industry position for a company of its size. There are few other Australian upstream companies of a similar size capable of delivering this full suite of services.

The Company has a workforce of approximately 180, located in offices in China, Australia and Malaysia.

Incorporated in Australia, ROC listed on the Australian Securities Exchange (ASX) in 1999. At 31 December 2012, ROC had 683.2 million shares on issue.

About Horizon Oil

Horizon Oil Limited (‘Horizon Oil’) is listed on the Australian Stock Exchange (‘ASX’) and is one of Australia’s leading junior oil and gas companies. Horizon Oil has approximately 1,234.6 million shares on issue and a market capitalisation of around A$426 million (Aug 2013).

Origine : Communiqué Roc Oil

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