Roc Oil Company

Last updated

Roc Oil Company Limited
Company type Subsidiary
ASX:  ROC
Industry Petroleum
Founded1997
FounderJohn Doran
Headquarters Sydney, Australia
Number of employees
134 (2023)
Parent Hainan Mining
Website www.rocoil.com.au

Roc Oil Company Limited is a petroleum company based in Sydney, Australia. [1] It was established in 1997 as a privately owned company by John Doran. In 1999, the company was listed on the Australian Securities Exchange, and in 2004, was listed on the Alternative Investment Market in London, becoming a dual listed company. [1] In 2008, Roc Oil merged with Anzon Australia, [2] and in 2014 it was acquired by Fosun International. [3]

Contents

Roc has of had oil production facilities in Mauritania, Angola, Malaysia, and China, and in 2013 produced 2.7 million barrels of oil or equivalent products. [3] [1] [4] [5]

History

John Doran was the CEO and founder of Roc Oil Company from 1999 to 2008, ending due to an untimely passing. [6] Doran had extensive experience in both geology as well as being classified as an 'oil man' after large involvement in the expansion of gas exploration and production across Europe, the Middle East and Australia. Proceeding the start-up of Roc Oil Company, Doran was the managing director of Command Petroleum where before departing managed the sale of Command to London Stock Exchange listed company Cairn Energy in 1996.

Following Doran's involvement with Command Petroleum, he started Roc Oil Company in 1996, which was a private startup company with the aim of exploring opportunities for gas and oil exploration, production and development in Australia, Asia, parts of Africa and the Middle East. Up until 1999 the company owned no assets, no working capital, and no partners. In 1999 Roc Oil listed on the Australian Securities Exchange, raising $150 million. Roc Oil utilised these funds to acquire a range of oil and gas assets in East of England and in the North Sea. The core of these assets was the Saltfleetby Gas Field in Lincolnshire, which was underdeveloped later becoming one of the largest onshore gas field in the UK. [7]

In mid-2008 John Doran died after a sudden illness at 62 years of age. [8] Roc Oil's Chief Operating Officer Bruce Clement was appointed as chief executive officer. [9]

Major Capital Raisings and Mergers & Acquisitions

In April 2001, Roc Oil Company made a friendly unsolicited offer to acquire 40% of Gulfstream Resources Canada. [10] The offer was valued at C$28.3 million, however was rejected by the Gulfstream.

To further fuel the next stage of Roc Oil Company's growth Strategy, Roc Oil raised $92 million through a 3 for 5 share rights issue.

Following this capital raise in April, In December Roc Oil announced the sale of 100% of the subsidiary which owned the Saltfleetby Gas Field (acquired in 1999) for $110 million. The sale was estimated to earn Roc Oil 28.5 million pounds after tax profit for 2005. [11] The buyer of the subsidiary was Wingas, a joint venture between Wintershall as well as OAO Gazprom (Russian gas company and one of the largest in the world). The funds earned from the sale will be used to finance ROC's development of the Chinguetti Oil Field, offshore Mauritania and the Cliff Head Oil Field, Offshore Western Australia and other ventures ROC was planning to explore.

In June, ROC began further expanding its presence in Asia by planning to make a move to acquire a 24.5% stake in a China Oil Field off Apache (hydrocarbon explorer). [12]

To refine ROC's focus in terms of geographic operations, the company was planning on selling off its North Sea and Africa assets. [13] ROC had a 12.5% stake in the Blane Oil Field (Located in the North Sea) and because of drilling uncovering mostly dry wells, CEO Bruce Clements stated the company will aim to sell off these assets in order to refocus ROC's efforts in currently occupied territories including Asia and Australia.

ROC became interested in taking over a local crude oil producer in Australia, Anzon. [13] The acquisition would double ROC's crude oil reserves, with ROC having already taken control of 69% of the company and the CEO at the time confident in the offer stating "the deal will happen". In September, the shareholders of the UK located Anzon Energy approved of the $600 million merger with ROC Oil. [13] The merger granted ROC control of 53.1% stake of Anzon Australia.

Prior to Fosun's acquisition of ROC, Horizon Oil announced a proposed merger of equals with ROC. [7] The proposed merger was valued at A$800 million with Horizon shareholders owning 58% of the entity emerging from the merger and ROC shareholders with 42%. [14] The deal aimed to allow ROC to operate in areas which it was not currently present, however would be attractive such as Malaysia and PNG, as larger companies were beginning to exit these areas. As well, the new entity would be able to produce between 15,000 and 20,000 barrels of oil a day approximately until 2030.

However, before the merger process was completed with Horizon, Transcendent Resources (a subsidiary of Fosun International) [7] sent an off-market takeover bid for ROC Oil Company. Subsequently, ROC accepted the offer by Transcendent Resources, stating it offered better synergies and benefits to the be created group over the deal proposed by Horizon as well as offered a better premium over the share price. [15] The ROC Oil Chairman Mike Harding stated, "the proposal to purchase all of ROC's shares for cash is superior when considered against the alternative merger of equals with Horizon and offers a significant premium to share price performance". The final offer by Fosun was A$474 million, paying A$0.69 per ROC Oil Company share, at the time being a 10 percent premium to the current share price and a 23 percent premium to the price prior to the announcement of the offer. Fosun commented on their rationale behind the transaction saying "to enable the group to enter the upstream oil & gas industry and acquire oil & gas assets." [15]

In 2017 ROC executed a share purchase agreement with Triangle (Perth Basin) and Royal Energy to sell of its 42.5% share of Cliff Head Oil Field. Total consideration paid for the share of the oil field was US$3,750,000. [16] The divestment was completed in order to provide cash in the business to invest in other areas of exploration, mainly China.

ROC Oil Company acquired 50% interest in the Ungani Oil Field located in Western Australia as well as 50% interest in the exploration permits from Buru Energy. [17] The compensation paid for both the oil field as well as the exploration permits combined was a maximum of A$84 million. $60 million for the oil field as well as funding 80% of the first A$25 million exploration costs, being a maximum of $20 million.

In June 2019, Hainan Mining acquired a 51% shareholding ROC from Fosun International. In 2023, Hainan Mining acquired the remaining 49%. [18]

On September 13, 2024, Roc Oil Company Pty Limited announced a recommended cash offer to the shareholders of Tethys Oil AB. [19]

Operations

Beibu Gulf

In 2006 ROC commenced drilling a side-track appraisal well in the Beibu Gulf region, off shore China. in preliminary tests the discovery well unearthed a combined 5,700 b/d of oil from three columns. [20]

ROC Oil continued mining operations in the Beibu Gulf in 2014, drilling two exploration wells finding oil in one of the two wells. [21] The wells were drilled to a depth of 1406 metres, "where the basement granite has been intersected". ROC further drilled a side track to an aggregate depth of 1,265 metres which further confirmed the presence of oil in the very top of the Jiaowei formation. ROC CEO, Alan Linn said the "discovery adds potentially valuable incremental oil to the larger project". The wells were plugged and abandoned on 27 September 2014.

Australia

Perth

In 2007, ROC made a discovery of oil and gas at its Dunsborough well in an offshore Perth Basin [22] which is 37.5% owned by ROC. The Dunsborough well was the third and final well the program which commenced in April 2007. The first well, Frankland discovered gas and the second, Perseverance too discovered gas.

The Frankland well, the first well of the operation located offshore Perth was shortly plugged and abandoned, labelled as a small gas discovery. [23] This was done in support of the companies strategy to target oil. Additionally, the company also said "whether or not an associated oil log is present needs to be evaluated and if an oil leg exists, it is likely to be small".

Canning Basin

ROC Oil has current operations still in Western Australia, in the canning basin located in the northern region of WA being the Ungani Oil Field. [24] the field is owned 50/50 by Roc Oil Company and Buru Energy Limited and is a producer of oil. the field produces approximately 850 bopd gross crude oil from a total of five wells, This oil is exported to a terminal in Wyndham and stored as well as exported by ship. The first two wells were drilled in 2015, and followed by an additional two in May 2018.

Cabinda

ROC Oil Company were approved as the operator for the Cabinda Well in Angola in 2001. ROC gained a 45% interest in the onshore block, where more than 4.5 billion barrels (bbl) have already been discovered during the last 40 years. [25] In 2008 the fifth well, Coco discovered oil and associated gas during a test. [26]

However, in later 2008 in October, ROC plugged and abandoned the first appraisal well in Angola. [27] The project was less successful than anticipated, with the five of the seven wells in the drilling program failing to find commercial quantities of oil. While the company did abandon the well, it was announced that the company would plan to re-enter the Angola project, specifically the Coco well in order to test and find oil in the future.

Related Research Articles

<span class="mw-page-title-main">Chevron Corporation</span> American multinational energy corporation

Chevron Corporation is an American multinational energy corporation predominantly specializing in oil and gas. The second-largest direct descendant of Standard Oil, and originally known as the Standard Oil Company of California, it is active in more than 180 countries. Within oil and gas, Chevron is vertically integrated and is involved in hydrocarbon exploration, production, refining, marketing and transport, chemicals manufacturing and sales, and power generation.

<span class="mw-page-title-main">ConocoPhillips</span> American multinational energy company

ConocoPhillips Company is an American multinational corporation engaged in hydrocarbon exploration and production. It is based in the Energy Corridor district of Houston, Texas.

<span class="mw-page-title-main">Occidental Petroleum</span> American oil company

Occidental Petroleum Corporation is an American company engaged in hydrocarbon exploration in the United States and the Middle East as well as petrochemical manufacturing in the United States, Canada, and Chile. It is incorporated under the Delaware General Corporation Law and headquartered in Houston. The company ranked 183rd on the 2021 Fortune 500 based on its 2020 revenues and 670th on the 2021 Forbes Global 2000.

Woodside Energy Group Ltd is an Australian petroleum exploration and production company. Woodside is the operator of oil and gas production in Australia and also Australia's largest independent dedicated oil and gas company. It is a public company listed on the Australian Securities Exchange and has its headquarters in Perth, Western Australia. In the 2020 Forbes Global 2000, Woodside was ranked as the 1328th-largest public company in the world.

<span class="mw-page-title-main">Transocean</span> Offshore drilling contractor

Transocean Ltd. is an American drilling company. It is the world's largest offshore drilling contractor based on revenue and is based in Vernier, Switzerland. The company has offices in 20 countries, including Canada, the United States, Norway, United Kingdom, India, Brazil, Singapore, Indonesia, and Malaysia.

<span class="mw-page-title-main">BG Group</span> Former British multinational oil and gas company

BG Group plc was a British multinational oil and gas company headquartered in Reading, United Kingdom. On 8 April 2015, Royal Dutch Shell announced that it had reached an agreement to acquire BG Group for $70 billion, subject to regulatory and shareholder agreement. The sale was completed on 15 February 2016. Prior to the takeover, BG Group was listed on the London Stock Exchange and was a constituent of the FTSE 100 Index. In the 2015 Forbes Global 2000, BG Group was ranked as the 583rd largest public company in the world.

Talisman Energy Inc. was a Canadian independent petroleum company that existed between 1993 and 2015. The company was created from the assets of BP Canada after British Petroleum divested its 57 percent stake in June 1992. It was one of Canada's largest independent oil and gas companies, and operated globally, with operations in Canada and the United States of America in North America; Colombia, South America; Algeria in North Africa; United Kingdom and Norway in Europe; Indonesia, Malaysia, Vietnam, Papua New Guinea, East Timor and Australia in the Far East; and Kurdistan in the Middle East. Talisman Energy has also built the offshore Beatrice Wind Farm in the North Sea off the coast of Scotland.

<span class="mw-page-title-main">Eni</span> Italian multinational energy company

Eni S.p.A., acronym for and formerly legally known as Ente nazionale idrocarburi, is an Italian multinational energy company headquartered in Rome. It is considered one of the "supermajor" oil companies in the world, with a market capitalization of €50 billion, as of 31 December 2023. The Italian government owns a 30.5% golden share in the company, 1.99% held through the Ministry of Economy and Finance and 28.5% through the Cassa Depositi e Prestiti. The company is a component of the Euro Stoxx 50 stock market index.

<span class="mw-page-title-main">Anadarko Petroleum</span> American energy company

Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.

<span class="mw-page-title-main">Murphy Oil</span> Company engaged in hydrocarbon exploration

Murphy Oil Corporation is a company engaged in hydrocarbon exploration headquartered in Houston, Texas.

<span class="mw-page-title-main">APA Corporation</span> American energy company

APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.

<span class="mw-page-title-main">Pharos Energy</span>

Pharos Energy Plc, previously SOCO International, is an oil and gas exploration and production company, headquartered in London. The company changed its name to Pharos Energy Plc in October 2019 after coming under fire for illegal activity in Virunga.

<span class="mw-page-title-main">Equinor</span> Norwegian energy company

Equinor ASA is a Norwegian state-owned multinational energy company headquartered in Stavanger, Norway. It is primarily a petroleum company operating in 36 countries with additional investments in renewable energy. In the 2020 Forbes Global 2000, Equinor was ranked as the 169th-largest public company in the world. In 2023, the company was ranked 52nd in the same list. As of 2021, the company has 21,126 employees.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

Nabors Industries Limited is an American global oil and gas drilling contractor that has operated since 1972. Based in Houston, Texas, Nabors operates the world’s largest land drilling rig fleet, with around 500 rigs operating in over 25 countries – in almost every significant O&G basin on the planet. It also has the largest number of high-specification rigs and custom rigs, built to withstand challenging conditions such as extreme cold, desert and many complex shale plays.

Saipem S.p.A. is an Italian multinational oilfield services company and one of the largest in the world. Until 2016 it was a subsidiary of Italian oil and gas supermajor Eni, which retains approximately 30% of Saipem's shares.

<span class="mw-page-title-main">Cairn India</span> Indian oil and gas exploration and production company

Cairn India was an Indian oil and gas exploration and production company, headquartered in Gurgaon, India. The company was merged with Vedanta Limited.

<span class="mw-page-title-main">Cove Energy plc</span> Oil and gas exploration company

Cove Energy plc, also known as Cove, was a London-headquartered oil and gas exploration company with assets in East Africa. The company was created in June 2009. In 2012, following significant gas discoveries offshore Mozambique, Royal Dutch Shell and PTT Exploration and Production (PTTEP), a subsidiary of Thailand's national oil company PTT Public Company Limited, engaged in a prominent bidding war to acquire Cove. Ultimately, the company was sold in August 2012 to PTTEP.

<span class="mw-page-title-main">Sapura Energy</span> Malaysian integrated oil and gas services company

Sapura Energy Berhad is a Malaysian integrated oil and gas services company based in Seri Kembangan, Selangor. Sapura Energy trades in over 20 countries, such as China, Australia, United States of America, and those in Western Africa and the Middle East, employing approximately 13,000 people. Sapura Energy's operations cover exploration, development, production, rejuvenation, decommissioning, and abandonment. The company was formed via a merger between SapuraCrest and Kencana in May 2012 and trades on the Main Market of Bursa Malaysia Securities Berhad. The company was renamed as Sapura Energy Berhad on 24 March 2017.

<span class="mw-page-title-main">GE Oil and Gas</span> Division of General Electric

GE Oil & Gas was the division of General Electric that owned its investments in the petroleum industry. In July 2017, this division was merged with Baker Hughes.

References

  1. 1 2 3 "Australia's ROC plans equity issue to finance oil exploration in Angola". Macau Hub. 20 January 2006. Retrieved 14 April 2017.
  2. ↑ "Roc, Anzon merger approved". Energy News Bulletin. 4 September 2008. Retrieved 14 April 2017.
  3. 1 2 "China's Fosun agrees $441 million takeover of Australia's Roc Oil". Reuters. 4 August 2014. Archived from the original on 15 April 2017. Retrieved 14 April 2017.
  4. ↑ "Roc Oil colleagues pay tribute to John Doran, dead at 62". The Australian Business Review. 1 July 2008. Retrieved 14 April 2017.
  5. ↑ "Fosun Edges Out Competitor for Australia's Roc Oil". Wall Street Journal . 4 August 2014. Retrieved 14 April 2017.
  6. ↑ "Company Founder". Roc Oil Company. 21 December 2021. Retrieved 21 December 2021.
  7. 1 2 3 "Corporate History". Roc Oil Company. 21 December 2021.
  8. ↑ "Roc Oil CEO John Doran dies after short illness". Reuters. 30 June 2008.
  9. ↑ "ROC Oil Appoints Clement CEO". Oil Daily; Washington. 26 September 2008 – via Factiva.
  10. ↑ "Gulfstream Rebuffs ROC". Platt's Oilgram News. 4 October 2001 – via Factiva.
  11. ↑ "ROC OIL COMPANY LIMITED ("ROC") STOCK EXCHANGE RELEASE" (PDF). Roc Oil Company. 21 December 2004.
  12. ↑ "ROC Considers China Buy". Washington: Energy Intelligence Group. 26 June 2006.
  13. 1 2 3 "Roc Considers Selling Assets". Washington: Energy Intelligence Group. 29 September 2008.
  14. ↑ "Australia : HORIZON and ROC to merge in $800 million deal". MENA Report. 29 April 2014 – via Factiva.
  15. 1 2 "China's Fosun agrees $441 million takeover of Australia's Roc Oil". Reuters. 4 August 2014. Retrieved 2 January 2022.
  16. ↑ "ASX Announcement" (PDF). ASX. 31 March 2017.
  17. ↑ "Roc Oil Acquire 50% Interest in Ungani Oil Field" (PDF). Roc Oil Company. 23 March 2018.
  18. ↑ Completion of Hainan Mining's Acquisition of Remaining 49% Interest in ROC ROC Oil Company 14 November 2023
  19. ↑ "Roc Oil Company Pty Limited announces a recommended cash offer to the shareholders of Tethys Oil AB" (PDF). Roc Oil Company. 13 September 2024.
  20. ↑ Oil Daily (23 June 2006). "Roc Considers China Buy". Oil Daily; Washington– via Factiva.
  21. ↑ MENA Report (2014). "ROC OIL completes drilling of first of 2 exploration wells in BEIBU GULF BLOCK". MENA Report– via ProQuest.
  22. ↑ Gomez, Brian (13 July 2007). "Roc Oil finds crude in Australia's Perth Basin". Platts Oilgram News– via Factiva.
  23. ↑ "Roc Abandons Perth Gas Well". Oil Daily; Washington. 23 April 2007.
  24. ↑ "Ungani Oil Field". Roc Oil Company. Retrieved 27 December 2021.
  25. ↑ "Roc Oil takes over operatorship of Angola's Cabinda South Block". Offshore. 19 December 2001. Retrieved 28 December 2021.
  26. ↑ "Roc heartened by Angola oil find". Sydney Morning Herald . 9 June 2021. Retrieved 1 January 2022.
  27. ↑ "Roc Abandons Angola Well". Oil Daily; Washington. 9 October 2008 – via ProQuest.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.