A sizeable new offshore player looks set to be created after Australian Roc Oil announced Monday it intends to buy up compatriot company Anzon Energy Ltd., in a deal which might not include Anzon’s Australian business, it was understood Monday.
The merged ROC and AEL would be able to claim production and reserves in eight producing fields and development, appraisal and “advanced exploration projects” in Australia,China, Mauritania, Angola and the North Sea.
The deal values AEL at A$303 million ($284 million), but the new entity would be worth A$1.2 billion ($1.1 million). A combined company would wield some 34 million barrels of oil equivalent in reserves, including about 14,500 boe per day in production.
ROC will effect the merger by buying all AEL shares. At the same time, ROC intends to make an offer for all the shares in Anzon Australia Ltd., provided AEL shareholders agree.
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Anzon Energy Limited,
ROC Oil
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