MERGER ANNOUNCEMENT Creating a leading Asian E&P company April 2014
Presenters Mike Harding Brent Emmett Alan Linn Chairman CEO CEO ROC Horizon Oil ROC 3
Transaction overview All scrip merger of equals between ROC and Horizon Oil Horizon Oil shareholders to receive 0.724 ROC shares for each Horizon Oil share they hold Merger to be implemented by a Horizon Scheme of Arrangement…
Transaction rationale Creating a leading Asian E&P company Highly complementary portfolios Asian focused portfolio with attractive assets across China, PNG, Malaysia, Myanmar and Australia / New Zealand Consolidates the existing…
Strong financial position Strong cash flow with potential to support sustainable and increasing dividends, while also providing the ability to fund the combined group's highly attractive portfolio of growth options Change of control…
Compelling valuation metrics EV / CY14 EBITDA1,2,3 EV / CY15 EBITDA1,2,3 Rex International 66.7 Rex International 8.5 Kris Energy 15.2 RH Petrogas 7.0 RH Petrogas 10.8 Senex 6.0 Buru 8.5 Horizon Oil 4.9 Senex 6.7 Kris Energy…
A leading Asian E&P company Market Capitalisation (Am)1,2 Enterprise Value (Am)1,2 Senex 876 Medco 1,610 AWE 847 Energi Mega 958 Persada MergeCo 794 1.1bn3 MergeCo 899 1.2bn3 Medco 787 Drillsearch 822 Drillsearch 745 Salamander…
Highly complementary portfolios resulting in four core asset areas China (Bohai Bay) Zhao Dong C&D Fields: 24.5% Zhao Dong C4 Field: 11.667% Zhanghai and Chenghai: 39.2% Block 09/05: 100% China (Beibu Gulf) Horizon Oil…
Strong, well balanced growth pipeline Exploration Appraisal Development Production Stanley Maari / Manaia PPLs 259, 430, 372, 373 D35, J4 and D21 PSC PRL 4 PMP 38160 Matariki Elevala / Ketu Beibu Gulf PEP 51313 PRL 21 Block…
Diversified resource base in Asia Horizon Oil (as at 30 Jun 2013) ROC (as at 1 Jan 2014) Combined 100% oil / --% gas 90% oil / 10% gas 95% oil / 5% gas 3.8 3.8 2P (mmboe) 6.0 8.4 6.0 6.6 15.0 16.0 20.9 36.9 3.4 8.7 3.4…
Indicative combined production profile Indicative combined production profile from discovered and appraised projects 25,000 Net working interest production (boepd) 20,000 15,000 10,000 5,000 - CY14 CY15…
Indicative timetable Key milestones Target date Announcement of merger 29 April 2014 First Court hearing to approve Scheme Booklet and convene Scheme Meeting June 2014 Scheme Booklet despatched to Horizon Oil shareholders Late June…
Experienced leadership group The Board of the merged company will comprise three current Non-Executive Directors from ROC, four current Non-Executive Directors from Horizon and Brent Emmett (current CEO of Horizon) as the CEO and…
QUESTIONS AND ANSWERS
APPENDIX Additional information
Merger conditions Horizon Oil and ROC have entered into a Merger Implementation Deed, which contains conditions including: customary regulatory and court approvals; Horizon Oil shareholder approval of the Scheme (75% of votes cast;…
Overview of Horizon Oil assets Net 2P Net 2C Q1 CY 2014 Reserves Resources Average Net Production3 Location Asset Interest Operator JV Partner (mmboe) (mmboe) (boepd) China Block 09/05 40% option ROC ROC -- -- -- (Bohai Bay) CNOOC…
Overview of ROC assets Net 2P Net 2C Q1 CY2014 Reserves Resources Average Net Production2 Location Asset Interest Operator JV Partner (mmboe) (mmboe) (boepd) C&D Fields: 24.5% PetroChina Zhao Dong C4 Field: 11.667% ROC 3.7 4.6…
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