26th Jun 2009 07:00
26 June 2009
ROC OIL COMPANY LIMITED ("ROC")
STOCK EXCHANGE RELEASE
Not for release or distribution into the United States or to U.S. Persons
ROC ANNOUNCES EQUITY CAPITAL RAISING
ROC is pleased to announce an equity capital raising comprising an institutional placement of approximately 88 million shares and a share purchase plan ("SPP") to enable eligible shareholders to subscribe for up to A$15,000 of ordinary shares (subject to the grant of relief from the Australian Securities Exchange ("ASX")).
The equity capital raising is to strengthen ROC's balance sheet and provide financial flexibility to implement future development projects. Proceeds raised under the offer will be used to:
enable the commercialisation of ROC's 2C contingent resources at its BMG and Beibu Gulf projects;
fund ongoing development activities, including drilling in relation to Zhao Dong and Basker Manta Gummy ("BMG") projects; and
reduce debt.
A copy of ROC's investor presentation containing further information on the equity raising and the Company is available on ROC's website at
http://www.rocoil.com.au/Public/Investor_Centre/Presentations.aspx .
Institutional Placement
Key details of the institutional placement include the following:
an offer of approximately 88 million ordinary shares, representing approximately 15% of ROC's issued share capital, at an issue price to be determined under an institutional bookbuild;
offers to be made to institutional investors and sophisticated investors in select jurisdictions; and
the new shares will rank equally with existing ROC ordinary shares.
Share Purchase Plan
Key details of the SPP include the following:
each eligible ROC shareholder will have the opportunity to purchase new ROC ordinary shares up to a maximum of A$15,000 (subject to ASX approval);
the offer price of shares under the SPP will be the lower of the institutional placement price or a 5% discount to the 5 day volume weighted average price per share prior to the close of the SPP offer;
new shares issued under the SPP will rank equally with existing ROC ordinary shares; and
no brokerage will be charged to shareholders participating in the SPP.
Full details of the SPP will be provided in documentation which will be released to the ASX and distributed to shareholders.
At this time it is anticipated that the trading halt currently in place on the ASX will be lifted at the commencement of trading on 29 June 2009, pending successful completion of the institutional placement.
DISCLAIMER
This release does not constitute an offer of shares into the United States or to any U.S. Person (as defined in Regulations S under the United States Securities Act of 1933, as amended), or any other jurisdiction in which or to any person an offer to whom such an offer would be illegal. The shares have not been registered under the United States Securities Act, as amended, and may not be offered or sold in the United States or to or for the account of U.S. Persons unless the shares are registered under such Act or an exemption from the registration requirements of the Act is available.
Bruce Clement
Chief Executive Officer
Matthew Gerber
Manager Investor Relations & External Affairs
For further information please contact:
Mr Bruce Clement on
Tel: +61-2-8023-2000
Fax: +61-2-8023-2222
Email: [email protected]
Or visit ROC's website: www.rocoil.com.au
Michael Shaw
Oriel Securities Limited (Nominated Adviser)
Tel: +44 (0)20 7710 7600
Bobby Morse
Buchanan Communications
Tel: + 44 (0)20 7466 5000
Fax: + 44 (0)20 7466 5001
E-Mail: [email protected]
Mob: +44 (0)7802 875 227
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