NORTH SYDNEY, Australia – Roc Oil Co. (ROC) and Horizon Oil have agreed to merge, forming a single Asian/Australasian E&P company with market capitalization of around $741 million.
The combined group will hold assets offshore and onshoreChina, Malaysia, Myanmar, Australia, New Zealand, and Papua New Guinea. The company will have 2P reserves of 36.9 MMboe, 2C contingent resources of 120.7 MMboe, and working interest production of 5.5 MMboe.
ROC chairman Mike Harding will be chairman of the merged entity and Horizon chairman Fraser Ainsworth will be a non-executive director. ROC CEO Alan Linn will remain as president of ROC Oil Malaysia until April 2015.