(Hong Kong, November 14, 2014/Australia, Nov 14, 2014), Fosun International Limited (HKSE stock code: 00656, together with its subsidiaries, “Fosun”) announced today that its wholly-owned subsidiary Transcendent Resources Limited (Transcendent Resources) has closed the acquisition of Roc Oil Company Limited (ROC), one of Australia's leading independent upstream oil and gas companies, acquiring 92.6% of ROC’s outstanding share capital.

ROC is a leading Australian independent upstream oil and gas exploration, development and production company with a significant presence and experienced management team in China, Malaysia, Australia and UK’s North Sea regions. China’s 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. Producing fields include China’s Bohai Bay Z oilfield, South China Sea’s K oilfield, Malaysia’s PSC oilfield, UK’s North Sea B&E oilfield and Australia’s H oilfield; fields under exploration and appraisal include Malaysia’s RSC project, China’s Bohai Bay field. Last but not least, South Sea’s eighth east oilfield and Myanmar’s offshore oilfield. ROC has proven and probable reserves of 17.4 million barrels of crude oil. In 2013, ROC produced 7,263 barrels of oil equivalent per day, with annual revenue of $251 million and gross profit of $96 million.

Fosun International’s Chairman Guo Guangchang said, “Fosun has strong industrial operational experience in mining and energy sectors. 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”.

“It is exciting to be part of Fosun’s strategic entry into the oil and gas industry. With the support from Fosun and ROC’s industry expertise, we look forward to building a leading oil and gas business platform.” said ROC’s Chief Executive Officer, Alan Linn.

On November 13, Mr. Zhao Bin, President of Fosun Energy Group, was elected by ROC's Board of Directors to be the Chairman of the Board. On November 10, Dr Yuanlin Jiang, Mr Yao Xu and Mr. Qunbin Wang were appointed as Non-Executive Directors of ROC. 

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.

About Fosun
Fosun was established in Shanghai in 1992. Fosun International Limited (00656.HK) was listed on the Main Board of The Stock Exchange of Hong Kong Limited on 16 July 2007. Fosun has been persistently taking roots in China and investing in China’s growth fundamentals. It has been actively implementing its investment model of “Combining China’s Growth Momentum with Global Resources”, with a view to making a major stride towards becoming a world-class investment group underpinned by the twin drivers of “insurance-oriented comprehensive financial capability” and “industrial-rooted global investment capability”. Today, Fosun’s businesses include insurance, industrial operations, investment and asset management.

About Roc Oil
Roc Oil Company Limited (ROC) is one of Australia's leading independent upstream oil and gas companies with a presence in China, South East Asia and Australia. The Company operates across the full range of upstream business activities from exploration and appraisal to development and production.

As an operator with strong industry relationships, including National Oil Companies, ROC has a unique set of competitive advantages - a distinct industry position for a company of its size. There are few other Australian upstream companies of a similar size capable of delivering this full suite of services.

The Company has a workforce of approximately 180, located in offices in China, Australia and Malaysia.

Incorporated in Australia, ROC listed on the Australian Securities Exchange (ASX) in 1999. On 14 November 2014, ROC had 687.6 million shares on issue.