Following on from our story last week, Horizon Oil Limited (ASX:HZN)
and Roc Oil Company Limited (ASX:ROC)
have announced their merger plans to create a leading Asian exploration and production company.
In an all scrip equal merger deal Horizon shareholders will receive 0.724 ROC shares for each Horizon share they hold under a Horizon scheme of arrangement.
Current Roc chairman Mike Harding will chair the merged group while Horizon CEO Brent Emmet will take on CEO and Managing Director duties of the new entity.
The proposed merger has the unanimous support of both the ROC and Horizon boards.
Horizon Oil reported a net loss of $0.052 million for the half year ended Dec 31, 2013.