Sona refutes Roc acquisition claims

MALAYSIAN firm Sona Petroleum Berhad has quelled reports that it is the potential suitor behind a surprise approach to acquire Roc Oil.
Sona refutes Roc acquisition claims Sona refutes Roc acquisition claims Sona refutes Roc acquisition claims Sona refutes Roc acquisition claims Sona refutes Roc acquisition claims

The company issued a statement rebuffing media reports that it had entered into talks despite Roc's ongoing all-scrip $800 million proposal to merge with Horizon Oil.

"Sona Petroleum would like to clarify that they are not involved in any talks with Roc Oil," the company said in a statement.

"Sona Petroleum is currently involved in completing the potential acquisition of assets from Salamander Energy PLC's subsidiary company Salamander Energy (Bualuang) Limited and will be focusing on this transaction before considering any other potential acquisitions.

"In addition, the article reports that Sona Petroleum has ‘made its maiden acquisition earlier this month', we would like to clarify that this transaction is still ongoing and has not yet been completed."

Meanwhile, Roc CEO Alan Linn confirmed the company had received a confidential, unsolicited, indicative and incomplete proposal in relation to the acquisition of all the issued share capital of Roc.

"As required under the merger implementation deed between Roc and Horizon Oil dated April 29 2014, following receipt of the proposal, Roc notified Horizon Oil of the approach," he said.

"Shareholders do not need to take any action in response to the proposal.

"There is no certainty that the proposal will develop into a formal offer to Roc's shareholders."

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