ROC OIL COMPANY LIMITED
13 October 2014
Company Announcement Office Australian Securities Exchange Limited Exchange Centre
20 Bridge Street
Sydney NSW 2000
Pursuant to paragraph 647(3)(b) of the Corporations Act 2001 (Cth), we enclose a copy of our second supplementary target's statement dated 13 October 2014 in relation to the off-market takeover bid by Transcendent Resources Limited, a wholly owned subsidiary of Fosun International Limited (Fosun) for all the ordinary shares in Roc Oil Company Limited (ROC).
A copy has also been provided to Fosun and a copy is being lodged with the Australian Securities and
Investments Commission today.
The second supplementary target's statement supplements, and should be read together with, ROC's original target's statement dated 11 September 2014 and ROC's first supplementary target's statement dated 10 October 2014.
Yours sincerely,
Leanne Nolan
Company Secretary
Tel: +61 8023 2000 Fax: +61 2 8023 2222
Office: Level 36, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000
Mail: PO Box Q1496, Queen Victoria Building, NSW 1230, Australia www.rocoil.com.au
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SECOND SUPPLEMENTARY TARGET'S STATEMENT 1. INTRODUCTIONThis document is a supplementary target's statement under section 644 of the Corporations Act 2001 (Cth). It is the second supplementary target's statement (Second Supplementary Target's Statement) issued by Roc Oil Company Limited ABN 32 075 965 856 (ROC) in relation to the off market takeover offer to acquire all the ordinary shares in ROC by a wholly owned Subsidiary of Fosun International Limited, Transcendent Resources Limited (Fosun). This Second Supplementary Target's Statement supplements, and should be read together with, ROC's target's statement dated 11 September 2014 (Original Target's Statement) and the first supplementary target's statement dated 10 October 2014.
2. SECOND OIL DISCOVERY, BEIBU GULF EXPLORATION PROGRAMME, WZ12-10-2 WELL, OFFSHORE CHINA
Roc Oil (China) Company, a wholly owned subsidiary of ROC, advises that drilling has completed on the second of the two exploration well programme in the Beibu Gulf Block 22/12.
The current exploration well (WZ12-10-2) discovered oil in the Jiaowei (T42) formation with a high porosity net oil pay of ~11m TVD. The WZ12-10-2 well was drilled to a total depth of 1590m MD/1382m TVDSS, where the basement granite has been confirmed, as prognosed.
Wireline evaluation logging programs (MDT Pressuring/Sampling, NMR and Rotary Sidewall Coring) have been run and confirmed the oil pay in T42 reservoir has favorable reservoir porosities in the region of 31% and oil properties of approximately 29 deg API. The well was plugged and abandoned on 12
October 2014 and the rig HYSY 935 will be released shortly. As at the date of this Second Supplementary Target's Statement, 2014 Beibu exploration drilling programme has been successfully completed with no safety or environmental incidents.
The WZ12-10-2 well is located 1.6 km east northeast of the existing WZ12-8W Platform. Further work will now be undertaken to evaluate both the extent of the structure and reserves, and assess the most effective route for integrating these additional oil resources into the existing Beibu project.
Alan Linn, Chief Executive Officer commented "I am very pleased with the back to back exploration success in the current Beibu exploration campaign. The new reservoirs will help in extending the
longevity of the Beibu Gulf project and support the future integration of WZ12-8 East development. These discoveries are a result of the very productive joint venture collaboration and cooperation with our partners CNOOC-Zhanjiang (CLZ), Horizon and OAL. The positive results we have been able to report during this programme are a direct result of successful team work ".
Participating interests in the Beibu Gulf project are:
Exploration | Production and Development | |
CNOOC Limited | 0% | 51.00% |
Roc Oil (China) Company | 40% | 19.60% |
Horizon Oil (Beibu) Ltd and Petsec Petroleum LLC (wholly owned by Horizon Oil Limited) | 55% | 26.95% |
Oil Australia Pty Ltd (Majuko Corp) | 5% | 2.45% |
Tel: +61 8023 2000 Fax: +61 2 8023 2222
Office: Level 36, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000
Mail: PO Box Q1496, Queen Victoria Building, NSW 1230, Australia www.rocoil.com.au
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WZ12-10-2
Proposed WZ12-8E Platform WZ12-8W Platform Expanded New Development AreaWZ12-10-1/1Sa
Your ROC Directors unanimously recommend that ROC shareholders accept Fosun's Offer in the absence of a Superior Proposal. Your ROC Directors intend to accept Fosun's Offer in respect of the ROC Shares they own or control in the absence of a Superior Proposal.
4. GENERALUnless the context otherwise requires, capitalised terms used in this Second Supplementary Target's Statement but not defined have the same meaning given to them in the Original Target's Statement. The Second Supplementary Target's Statement prevails to the extent of any inconsistency with the Original Target's Statement.
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The information in this Second Supplementary Target's Statement has been reviewed and approved by Dr Pierre Eliet, General Manager - Exploration, Geoscience & Business Development, Roc Oil Company Limited, BA (Earth Science) PhD (Geology). Dr Eliet, who is a Fellow of the Geological Society London (FGS), has more than 17 years relevant experience within the industry and consents to the information in the form and context in which it appears.
This Second Supplementary Target's Statement is dated 13 October 2014, which is the date it was lodged with ASIC. Neither ASIC nor any of its officers take any responsibility for its contents.
Signed for and on behalf of ROC following a resolution of the ROC Directors approving the Second
Supplementary Target's Statement.
13 October 2014
Mike Harding
Chairman
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