Fosun International completes $380 million worth acquisition of ROC

Fosun International completes $380 million worth acquisition of ROC

SHANGHAI -- Fosun International's wholly owned subsidiary, Transcendent Resources, has closed the acquisition of Australia's Roc Oil Company (ROC), acquiring 92.6% of ROC’s outstanding share capital worth $380 million (AUD $439 million).

Chinese production accounts for 72% of ROC’s total production. ROC’s current oil and natural gas assets include a portfolio of exploration and development assets.

ROC has proven and probable reserves of 17.4 MMbbl of crude oil. In 2013, ROC produced 7,263 boed, with annual revenue of $251 million and gross profit of $96 million.

Fosun’s Chairman, Guo Guangchang said, “After completion of the acquisition, leveraging its expertise in industrial operations, Fosun plans to support and grow Roc’s operations through further integration of its upstream oil production resources into the energy industry supply chain.”

With the takeover having been completed, Fosun now plans to conduct a comprehensive strategic review of ROC’s operations. Subject to the outcome of this review, the current management team of ROC is expected to be retained and the ROC brand will be kept for continuing operations.