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ROC to acquire Anzon

Created:
16 June 2008
Updated:
17 July 2008
Written by:
Martin Li

ROC Oil is to acquire Anzon Energy, which owns 53 per cent of Australian-listed Anzon Australia, and is making an offer for the remaining 47 per cent of Anzon Australia. Both offers are largely share based with the deal estimated to be worth £240m-290m.

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The deal would increase ROC's production by 40 per cent or 4,000 barrels of oil equivalent per day (boepd), increasing immediate production to 14,500 boepd. Proved and probable (2P) reserves would more than double from 21m to 47m boe. The enlarged group would have production and reserves in eight producing fields, and development, appraisal and advanced exploration projects in Australia, China, Mauritania, Angola and the North Sea.

IC VIEW

HighEnough

This deal would boost ROC's reserves and production within a stable environment. However, at 93p its shares remain high enough pending final terms.

Last IC view: High enough, 92p, 11 February 2008.

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