Fosun International Ltd. reports that its wholly owned subsidiary Transcendent Resources Ltd. has closed the acquisition of Roc Oil Co. Ltd. (ROC), acquiring 92.6% of ROC’s outstanding share capital.
ROC is an Australian independent upstream oil and gas exploration, development, and production company with a significant presence in China, Malaysia, Australia, and UK’s North Sea regions. China’s production accounts for 72% of ROC’s total production. ROC’s current oil and natural gas assets include a portfolio of exploration and development assets. Producing fields include China’s Bohai Bay Z oil field, South China Sea’s K oil field, Malaysia’s PSC oil field, UK’s North Sea B&E oil field, and Australia’s H oil field; fields under exploration and appraisal include Malaysia’s RSC project, China’s Bohai Bay field. Last but not least are South Sea’s eighth east oil field and Myanmar’s offshore oil field.
ROC has proven and probable reserves of 17.4 million barrels of crude oil. In 2013, ROC produced 7,263 barrels of oil equivalent per day, with annual revenue of $251 million and gross profit of $96 million.
On Nov. 13, Zhao Bin, president of Fosun Energy Group, was elected by ROC’s board of directors to be the chairman of the board. On Nov. 10, Dr. Yuanlin Jiang, Yao Xu, and Qunbin Wang were appointed as non-executive directors of ROC.
With the takeover completed, Fosun now plans to conduct a comprehensive strategic review of ROC’s operations. Subject to the outcome of this review, the current management team of ROC is expected to be retained and the ROC brand will be kept for continuing operations.
As Fosun has acquired at least 90% of all ROC shares on issue, it is entitled to compulsorily acquire all of the ROC shares on issue in accordance with the Corporations Act. Fosun has advised that it intends to proceed with compulsory acquisition in accordance with the Corporations Act. Fosun has further advised that it intends to procure that ROC be removed from the official list of ASX.
Source: Fosus
