AZA - Still going out at a special deal!

[tricha]

If u want a bargin.:p A p.e of around 4 for 2008 and 2009.

Check this one out folks, this seems to be at a crazy low price, great announcement out with more oil to flow, or am I missing something and I'm 100% sober.:eek:

And they own 66 million NXS just to top it off.

[tricha]

http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=506906



May 2008 5 Who is Anzon?

• Company 3.5 years old – floated 15 Dec 2004

• P & E Company – production first

• Production in 11 months from float

• Profit in every year of existence

• World-wide Acclaim - one of top 5 offshore projects in world in 2005

• Second producer in Gippsland

• Gross Resources* (2P) increased from 23 m bbl to over 100 m boe

• Net Resources* (2P) increased from 17 m bbl to over 40 m boe

• Debt free

• Produced 4.6 million bbl oil (to 27 May)

• Unhedged production receiving APPI Tapis referenced crude price



* Oil Reserves and Gas/Cond. Resources

[Grand Uber]

http://www.hotcopper.com.au/images/stockpricecharts/600_420/aza.jpg

just thought id throw that in there for discussions sake

[mark100]

It was a decent amount as well, around $500k worth

[The Big Ease]

this does look very interesting.
i dont know much about valuing resource companies, so a little hand holing guidance would be much appreciated. Ill be back with some questions/analysis.

[ELYOB]

One with patience could see this eaten up by the Koreans and the Japs . Management are incapable of playing this stock as they have it on easy street with all that cash .They are hopeless , and the Japs/Koreans are buying it like a slow moving cancer .....

Even with the oil price going 1.38 dollars USA , AZA management will be confused ~!

[Dr_Who]

I have this on my watchlist. Just abit concern about the graph showing it may go lower if it goes below $1.15. I have a funny feeling NXS maybe selling down their 10% holding.

Do they have any drillings this year?

[macduffy]

I'm watching AZA too. Still a bit of a mystery why NXS dropped the merger plan ( assumed disappointment re latest Basker well ) and this is probably what is holding the SP back.
Also seen as a bit of a "one trick pony" with its interest in the BMG field and other prospects perhaps a bit far down the track. Further development drilling of BMG in the current year but no plans to drill the Chimaera or Sleeper Prospects before 2009 and nothing firm on that.
Canterbury Basin has been disappointing.
Still attracts me though with its good cash flow from BMG, big holding in NXS and being debt-free.
May have to sell a few BPT soon and take a small position in AZA !

;)

[tricha]

I'm watching AZA too. Still a bit of a mystery why NXS dropped the merger plan ( assumed disappointment re latest Basker well ) and this is probably what is holding the SP back.
Also seen as a bit of a "one trick pony" with its interest in the BMG field and other prospects perhaps a bit far down the track. Further development drilling of BMG in the current year but no plans to drill the Chimaera or Sleeper Prospects before 2009 and nothing firm on that.
Canterbury Basin has been disappointing.
Still attracts me though with its good cash flow from BMG, big holding in NXS and being debt-free.
May have to sell a few BPT soon and take a small position in AZA !

;)

And cashed up to 66 million last quarter and in production raking in the cash, like AWE\NZO

And Nexus beware, the hunted might become the hunter.

And more oil found since the Nexus merger collapsed.

100 million in the bank at the end of this quarter ?????

[underDOG]

And cashed up to 66 million last quarter and in production raking in the cash, like AWE\NZO

And Nexus beware, the hunted might become the hunter.

And more oil found since the Nexus merger collapsed.

100 million in the bank at the end of this quarter ?????


Nexus might be hunted eh?

sure AZA is undervalued based on their Nexus holding but what proof do you have AZA will hunt Nexus any time soon


just a simple list of facts will do

[shasta]

Nexus might be hunted eh?

sure AZA is undervalued based on their Nexus holding but what proof do you have AZA will hunt Nexus any time soon


just a simple list of facts will do

AZA already hold 66m Nexus shares!

[underDOG]

AZA already hold 66m Nexus shares!

yes, I can read that

NXS is worth $1.115 billion

AZA is worth $445m



NXS have 639m shares

AZA holds 66m (so what)

so ALL of AZA cash will buy another 9% MAX according to Trichas expectations of cash end of next 1/4.

so they go to 19.9% (I doubt that very much)




bit far fetched in this environment mateys

[tricha]

yes, I can read that

NXS is worth $1.115 billion

AZA is worth $445m



NXS have 639m shares

AZA holds 66m (so what)

so ALL of AZA cash will buy another 9% MAX according to Trichas expectations of cash end of next 1/4.

so they go to 19.9% (I doubt that very much)




bit far fetched in this environment mateys


Another 9% Underdog at this relatively cheap price,would be money WELL spent on a great income for the future of Anzon.

It would also allow a predator to take Anzon and gain a large stake in Nexus at a cheap price.

It opens up many possibilities, but at a p.e ratio of around 4, it also allows us to buy shares at a wonderful price.

They might be pumping their own oil, but hey watch the next quarterly;)


8 May 2008
Dear Fellow Shareholder,

On the 5th of May 2008, the anticipated merger between Anzon Australia Limited (Anzon) and Nexus Energy Limited (Nexus) was
terminated by mutual agreement between the two companies. The external reporting of the circumstances surrounding this decision has
often been inaccurate and thus potentially confusing. Hence I am writing to you to clarify the position relating to various comments in
the press in respect of the events leading to the merger termination.
When Anzon completed the five development wells (Basker 2, 3, 4, 5 & Manta 2A) the proved and probable (2P) reserves had grown
from an initial 23 million barrels to 40 million barrels and 360 billion cubic feet of gas. The decision was made to drill a “step out” well
in the southeastern part of the field, not only to develop those reserves expected in this portion of the field but also to appraise the
potential for further upside reserves. The timing of drilling this well was defined by the availability of the Ocean Patriot drilling rig.
The appraisal well Basker-6 found the outer edge of the field but did not encounter hydrocarbons; however, sufficient valuable
information was gained to be able to sidetrack the well (Basker 6 ST1) a short distance (380m) and consequently the south eastern
extension of the field was indeed confirmed. Moreover, production testing this week has proven the Basker-6ST1 well to be the
best performing well in the field when testing three zones at rates in excess of 4000 bpd each. The well confirmed not only that the
previously identified sands which are producing in other wells do extend across the field in the south-east, but it also discovered a new
shallower oil sand not seen in the other wells.
In addition to drilling these two wells, the original three dimensional (3D) seismic covering the license areas was reprocessed and
accurately calibrated, using results from the wells. Using the new reprocessed 3D seismic data all of the license areas enclosing the
Basker, Manta and Gummy fields, and other undrilled prospects, such as East Chimaera, have been remapped. Based on this work your
Company is confident that the total hydrocarbon resources in the license areas have not been reduced as a consequence of the results
from the Basker 6 well, and any suggestion of a major reduction of the total reserves/resources in the Company’s assets is unfounded.
Anzon has a sound resource base, excellent production at times of record oil prices and excellent cash flow with plans to expand this
development using a new Floating Production Storage and Offtake (FPSO) vessel enabling higher oil rates and sales gas production
commencing early 2010. Further, Anzon is debt free and in a good position to take advantage of any appropriate opportunities which
may arise.
On behalf of your Board, I sincerely thank all shareholders for their continuing support. Further we would like to reassure shareholders
that Anzon, with a strong team of capable management, technical and operational professionals, has a bright and secure future.
Yours sincerely,

Andrew A. Young

Managing Director
On behalf of the Board of Anzon Australia Limited

Anzon Australia ABN 46 107 406 771
Level 13, 90 Arthur Street, North Sydney NSW 2060
Telephone 61 2 9024 3555 Facsimile 61 2 9024 3535 email: aza@anzon.com.au www.anzon.com.au

[tricha]

Sorry Roc OIl, you are not going to steal my shares for a lousy $1.56,


In the marketplace, you'd expect high prices to attract new producers, or lead to more M&A activity. And sure enough, Roc Oil (ASX:ROC) has made a $545 million offer for Anzon Australia. This is an "upstream" play-that is, it's recognition that there's more money in the wholesale production of oil than in retailing it to angry customers (which is why Exxon is getting out of the retail business in the States completely).

--The merged producer would produce around 14,500 barrels of oil and oil equivalent per day. Total proven and probable reserves would be about 47 million barrels. Roc isn't dumb. The acquisition allows it to take advantage of current high prices and add to reserves.

--Besides, even at an average of US$80/barrel, 47mboe would generate about US$3.7 billion in gross earnings for an oil company. Granted, operating expenses are creeping up and real earnings would be lower. And production would be stretched out over a much longer period of time. But you can see the strategy behind the acquisition.

--Al Robinson over at Diggers and Drillers (https://www.isecureonline.com/secure/FORM1.CFM?PUBCODE=OSI&PCODE=E9AOJ505&ALIAS=ar149) chimed in and told us that it's all about production in the current market. "If Anzon's production were valued the same as Woodside's production, it'd be well over 3 times its current share price."

--"Well, why isn't it trading at that already?" we asked. Hey, sometimes the obvious question is the best one to ask.

--"Because it's smaller and riskier. But that production figure doesn't include the gas Anzon churns out. It's no wonder Roc Oil wants a piece of the company. And really, when you look at it, the small cap oil sector hasn't really boomed yet. It's probably just a matter of time before it does."

--There's no time like the present.

[tricha]

I can not believe my luck, shares for $1.00 for a cash cow like this.
And ROC forget about it.

Anzon Australia Limited ABN: 46 107 406 771
Level 13, 90 Arthur Street, North Sydney, NSW 2060, Australia
T: + 61 2 9024 3555 F: +61 2 9024 3535 E: aza@anzon.com.au
Web: www.anzon.com.au

5 August 2008
The Manager, Companies
Australian Stock Exchange Ltd
Electronic Announcement System
Dear Sir,

ANZON AUSTRALIA LIMITED (ASX CODE: AZA)
ANNOUNCEMENT TO THE ASX
BMG OPERATIONS UPDATE

Please refer attached ASX Release.
Yours sincerely,
Gillian Nairn
Company Secretary

Anzon Australia Limited ABN: 46 107 406 771
Level 13, 90 Arthur Street, North Sydney, NSW 2060, Australia
T: + 61 2 9024 3555 F: +61 2 9024 3535 E: aza@anzon.com.au
Web: www.anzon.com.au

ASX RELEASE
5 August 2008

ANZON AUSTRALIA LIMITED (ASX CODE: AZA)
BMG OPERATIONS UPDATE

The BMG Joint Venture is pleased to advise that its offshore operations in Gippsland,
Victoria, continue to produce trouble free and achieved a significant production
milestone last Thursday 31st July with its 5 millionth barrel of crude oil.
In addition, the Joint Venture has recently completed yet another ship-to-ship (STS)
cargo lifting in Western Port Bay with a 597,000 barrel sale to Itochu at a price in
excess of US$130, which was a premium to APPI Tapis reflecting the high quality of
the crude. This is the JV’s 14th lifting from the operation. Its next lifting, also a STS, will
be 600,000 barrels in late September.
Production at present is approximately 9,500 bopd and is expected to increase next
month with the commencement of production from the new well, Basker 6ST1. This
well is currently having its 5500m flowline laid.
The participants in the Basker-Manta Joint Venture are:
Anzon Australia Limited 40% (Operator)
Beach Petroleum Limited 30%
CIECO Exploration and Production (Australia) Pty Ltd 20%
Sojitz Energy Australia Pty Ltd 10%
Andrew A. Young
Managing Director
Sydney, Australia

[POSSUM THE CAT]

tricha if this is so good why have all the deals fallen over

[AMR]

tricha if this is so good why have all the deals fallen over

It's a bear market out there. Offering scrip and then having the value of that scrip decline is somewhat crappy.

[tricha]

It's a bear market out there. Offering scrip and then having the value of that scrip decline is somewhat crappy.

Exactly AMR, Crappy script deals form companies that want to steal them ,who have a dam sight less cash than AZA and looking at this latest investor presentation, hmm.

[/URL]
[URL]http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=514730 (http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=514730)

[mark100]

AZA are going to need a lot more cash to fully develop the BMG field. I was a seller the day the ROC deal was announced - around the same time everyone thought oil would be $200 by xmas. The bidders scrip always gets hammered

[tricha]

AZA are going to need a lot more cash to fully develop the BMG field. I was a seller the day the ROC deal was announced - around the same time everyone thought oil would be $200 by xmas. The bidders scrip always gets hammered

Yes MARK a lot more cash, but at the moment they r a cash cow, payed of their debt and have money in the bank, income increasing, with huge P2 reserves.

ROC on the other hand, suspect.

Would there be another suiter in the winds at this absolutely crazy price ???
Someone with some cash, like AWE or NZO looking for a bargain.

WELL I couldn't resist, bought back 20K of them today at an absolute steal, the trend would probably say otherwise.;)

[tricha]

http://www.stocknessmonster.com/chart/stockness/hist2/ASX/AZA/1y/line/30/0/


Here we go! I bought 20K or $20,000 of them today, in a down trend.
What does your rear vision mirror say about this trade.:confused:

Bold, stupid or otherwise.:rolleyes:

Stupid I bought in a down trend.:(

[shasta]

http://www.stocknessmonster.com/chart/stockness/hist2/ASX/AZA/1y/line/30/0/


Here we go! I bought 20K or $20,000 of them today, in a down trend.
What does your rear vision mirror say about this trade.:confused:

Bold, stupid or otherwise.:rolleyes:

Stupid I bought in a down trend.:(

I must say i was :eek: when i saw AZA @ $1...

Just knew you'd take advantage Tricha!

Fundamentally your purchase is very sound, gee who hasn't had a crack at taking over AZA?

[Phaedrus]

I can't think why you are wanting a response from me Tricha - you don't like anything I say! I just hope that this reply doesn't provoke you into even bigger fonts and more garish colours!!

First, the good news.
Your AZA purchase yesterday has a much higher chance of success than any of your previous entries into this downtrending stock. Take a look at the inserted candlestick chart. See yesterday's long lower shadow? This means that AZA was sold off at first, but buying support later in the day ensured that the Close was much higher than the Low. Long shadows like this are often found at significant turning points, usually accompanied by high volume - though on this occasion volume was well below average.

http://h1.ripway.com/Phaedrus/AZA86.gif

Now the bad news. You tell us that PEM was one of your biggest mistakes and I would have hoped you would have learnt something from that debacle (http://www.sharetrader.co.nz/showthread.php?p=215487#post215487). Things like :-
Not to buy stocks in a downtrend.
Not to add to losing positions.
Not to buy stocks simply because they appear to be "cheap".
Not to average down.

In your PEM post yesterday, you said "Yes I got scinged, but bettrer than being burnt."
Scinged? I'd have said you got cremated! You held PEM while it fell from $5.30 to $1.30, buying more all the way down. That was very expensive tuition Tricha and I fear that you have learnt nothing from it.

[tricha]

Two days now and relentless selling, between .985 and $1.03.

Fund manager or someone desperate for cash :confused:

[SMan]

Two days now and relentless selling, between .985 and $1.03.

Fund manager or someone desperate for cash :confused:

Maybe nexus? They had a 'gentlemens agreement' to not damage each others shareprices but with the ROC script offer maybe Nexus just want the cash? - if it is them when is the latest they would have to release a change in holding statement?

[underDOG]

there was some old support at 90 which has broken today
still sinking like a stone

looks like last years August spike down was around 85c

I am not buying anything that doesn`t confirm a new uptrend
PPP looking the best candidate very soon.


AZA, downtrend getter steeper!

[brettdale]

http://www.stocknessmonster.com/chart/stockness/hist2/ASX/AZA/1y/line/30/0/


Here we go! I bought 20K or $20,000 of them today, in a down trend.
What does your rear vision mirror say about this trade.:confused:

Bold, stupid or otherwise.:rolleyes:

Stupid I bought in a down trend.:(

What goes down must come up.

[ELYOB]

The ROC is on the nose atm .... AZA headed nowhere imho . Remember you buy this , you are buying the ROC . And you are getting a big black hole in Africa from Mauritania to Angola

[AMR]

AZA now at last August's lows. Could be a good bounce soon. I want to see a big blue candlestick first on big volume.

Does anyone know what ROC's offer is now valued at? ROC's fall looks almost as bad as PSA's fall.

[shasta]

AZA now at last August's lows. Could be a good bounce soon. I want to see a big blue candlestick first on big volume.

Does anyone know what ROC's offer is now valued at? ROC's fall looks almost as bad as PSA's fall.

Ann from ROC, re why they still want AZA

http://www.stocknessmonster.com/news-item?S=ROC&E=ASX&N=516961

Why does everybody want AZA so bad?

[tricha]

Maybe nexus? They had a 'gentlemens agreement' to not damage each others shareprices but with the ROC script offer maybe Nexus just want the cash? - if it is them when is the latest they would have to release a change in holding statement?

Weird, weird, weird, the seller disappeared today, started off trying to unload 500,000 for 82 cents and quietly left the market as ROC appreciated.

This is bullsh.., they are out to increase production,


* The debt facility was repaid in early July 2008, 26,557 million.


Total: cash at end of quarter

(item 1.22) 51,933 million


And The ROC on skid row, debt, poor drilling results and they want to steal
Anzon.


Go away ROC :eek:

Earnings and Dividends (http://javascript<b></b>:glossaryId('101'))Forecast (cents per share) Curr20082009EPS39.225.423.2PE(x)2.33.53.8DPS0.00.0 0.0

Sorry about the P.E ratios, 2.3 at the moment, bullsh..

[AMR]

I had my finger on the buy button a few days on 85c waiting on the charts. Now both fingers are on the buy button, but I will need to see some confirmation that todays move is not a bull trap.

Tricha be careful here, the management might be up to something along the lines of what RPM's Siller did.

[tricha]

I had my finger on the buy button a few days on 85c waiting on the charts. Now both fingers are on the buy button, but I will need to see some confirmation that todays move is not a bull trap.

Tricha be careful here, the management might be up to something along the lines of what RPM's Siller did.

The way I look at it AMR, RPM went from 5 cents to 18.5 cents, thats a huge win.

I doubt if the management of AZA are going to give their shares away, to a thief in the night like ROC,

Net Debt 109.0 • Debt of US$133.4 million, offset by cash of US$24.4 million

When u think about it, AZA are in a much better finanacial position to take out ROC, but who would want to :confused:

[AMR]

THe management might not give their shares away, but NXS might! :(

AUSTRALIA'S NEXUS ENERGY LIKELY TO DIVEST ANZON STAKE
Tuesday, September 02, 2008; Posted: 05:42 AM

PERTH, Sep 02, 2008 (AsiaPulse via COMTEX)

Oil and gas explorer Nexus Energy Ltd (ASX:NXS) says it hopes the minority cross-shareholdings between it and takeover target Azon Australia Ltd will be unwound soon.
Nexus say it wants to divest its 19.4 per cent stake in Anzon and the oil and gas producer and takeover target should divest its 10 per cent stake in Nexus.
Anzon is the subject of an all scrip A$350 million bid by ROC Oil Company Ltd.
Nexus chief executive Ian Tchacos told AAP that he would wait for ROC all-scrip bid for Anzon to succeed, likely this month, before he would decide about Nexus' stake in Anzon.
Mr Tchacos said it was likely Anzon and Nexus would part ways.
"Once we see what happens to that merger, it gives us an opportunity to approach - hopefully - ROC, if it all goes okay, and see if there is something we can do with each set of shareholders," Mr Tchacos said.
"We don't want a minority shareholding and don't want Anzon to have one in us.
"Since Anzon purchased the shares, our shares have more than doubled in value, so they'd have a pretty significant capital gains tax issue.
"Once the two companies consolidate, that tax issue goes away."
Mr Tchacos said Nexus would most likely to sell down a 10 per cent stake in its Crux liquids (condensate) project in Western Australia's Browse Basin to a cashed up international petroleum company.
Crux, which is 15 per cent held by Japan's Osaka Gas (TSE:9532), is expected to cost more than Nexus' current market capitalisation, so Nexus is seeking to reduce its financial exposure to the project.
Nearly $US400 million has been consigned to the project, which has the potential in the greater Crux area for a liquefied natural gas (LNG) project, Mr Tchacos said.
"We've had a lot of interest from the right sort of parties," he said.
"We're targeting the larger corporates with a track record in LNG."
Nexus expects to get Crux into production by the first half of 2011, but first cashflow will come from its Longtom gas project in Victoria's Gippsland Basin, which is slated to start production mid next year.
"We're close to a development decision on Longtom and feel that it has been fully appraised," Mr Tchacos said.
This project will be connected via a pipeline to Santos' Patricia Baleen onshore plant but there has been some delays with approvals and the capital cost has now blown out to about $US237 million.
Nexus aims to produce 40,000 barrels of oil equivalent per day by 2011.

Mr Tchacos said "the trick for us is not to get taken out" before this goal was achieved.

He did not rule out Nexus entering into a merger at some stage with a major oil partner.

He said the company was undertaking preliminary exploration at projects in Romania, and in the Mediterranean region with a view to accessing high-value markets outside Australia as part of its growth plans.
Nexus was also considering whether to explore in Asia.

[tricha]

WELL the management did give their shares away AMR and I can imagine NXS need the cash and it is not a cash deal cause ROC are in debt up to their eyeballs.
If NXS say no, then what :confused:

Anzon Energy shareholders approve ROC merger



3rd September 2008, 14:30 WST


http://m1.au.2mdn.net/viewad/817-grey.gif (http://ad.au.doubleclick.net/click;h=v8/3730/0/0/%2a/x;44306;0-0;0;27188862;4986-300/600;0/0/0;;~sscs=%3f)http://ad.au.doubleclick.net/ad/thewest_biz/nationalbiz_cont;tile=6;sz=300x600;ord=123456789? (http://ad.au.doubleclick.net/jump/thewest_biz/nationalbiz_cont;tile=6;sz=300x600;ord=123456789?)

ROC Oil Company is set to take control of Anzon Australia after getting the green light for its proposed merger from the target’s largest shareholder, UK-based Anzon Energy (AEL).
Shareholders in AEL today voted at a meeting in Sydney overwhelmingly in favour of a merger with ROC, an oil and gas explorer and producer.
A scheme of arrangement must now be approved by the Federal Court, with a hearing scheduled for this Friday, for the merger to go ahead.
Assuming court approval is obtained, AEL is expected to lodge a copy of the court order with the Australian Securities & Investments Commission next Monday. ROC expects the scheme will be implemented by September 22.
AEL will become a wholly owned subsidiary of ROC, which will emerge with AEL’s 53.1 per cent controlling interest in Anzon Australia.
The offer of 0.792 ROC shares plus five cents for each Anzon Australia share, values the target at about $356 million, and is due to close on October 6.
ROC acting chief executive Bruce Clement today told AAP that 99.9 per cent of AEL shareholders had voted in favour of the merger.
But Mr Clement said he had received no indications from Anzon Australia’s second largest shareholder, Nexus Energy, as to whether it would accept the offer for its 19.4 per cent stake.
“There are no real big shareholders (among the remaining 30 per cent) but you can imagine that there are hedge funds in there now, taking positions in the stock because of the takeover,” he said on the sidelines of the RIU Good Oil Conference in Fremantle.
Anzon Australia will release its target’s statement on Monday and has not yet indicated whether it will recommend ROC’s offer to its shareholders.
“I can’t anticipate what they are going to say,” Mr Clement said.
He said Anzon Australia had inhibited its growth with a complex ownership structure and its reliance on a 40 per cent stake in one project, the Anzon-operated Basker Manta Gummy joint venture in the Gippsland Basin off Victoria.
Nexus backed out of a proposed takeover for Anzon in May after disappointing results from the Basker 6 well.
“Being very much focused on one project means individual events have a big impact on the company,” Mr Clement said.
“If they have an operational problem, it becomes a market issue.
“Whereas when you have a number of projects like ROC does, a single operational issue doesn’t really have as big a material impact on the company.”
He said acquiring the project would bring additional oil production of 4,000 barrels per day to ROC, which currently produces 10,408 barrels of oil equivalent (BOE) per day.
The deal will more than double ROC’s reserve base to 47 million to 50 million BOE and more than double production by 2010 to 20,000 BOE per day.
ROC, which has producing assets in Australia but is increasingly focused on China, values the Basker Manta Gummy project because it has exploration upside and will diversify the company’s asset base.
“It’s quite a prolific producing reservoir,” Mr Clement said.
“It gives us a bigger production base, a bigger strength to do more business and grow the business in the future, but it also balances our portfolio and focuses more of our business back in Australia.”
He said ROC’s valuation of Anzon Australia was based on a reserve figure for Basker Manta Gummy that was 10 per cent to 15 per cent lower than that defined by the target’s independent expert.
“We do acknowledge there is significant possible reserve upside in this field.”
While Mr Clement said ROC had much on its plate, it continued to seek attractive acquisition opportunities and could consider divesting its small exposure to projects in Mauritania, but did not need to at present because its cash position was comfortable.
Anzon Australia shares closed down 1.5 cents at 94 cents while ROC shed two cents to $1.17
AAP

[shasta]

WELL the management did give their shares away AMR and I can imagine NXS need the cash and it is not a cash deal cause ROC are in debt up to their eyeballs.
If NXS say no, then what :confused:

Anzon Energy shareholders approve ROC merger



3rd September 2008, 14:30 WST

http://m1.au.2mdn.net/viewad/817-grey.gif (http://ad.au.doubleclick.net/click;h=v8/3730/0/0/%2a/x;44306;0-0;0;27188862;4986-300/600;0/0/0;;~sscs=%3f)http://ad.au.doubleclick.net/ad/thewest_biz/nationalbiz_cont;tile=6;sz=300x600;ord=123456789? (http://ad.au.doubleclick.net/jump/thewest_biz/nationalbiz_cont;tile=6;sz=300x600;ord=123456789?)

ROC Oil Company is set to take control of Anzon Australia after getting the green light for its proposed merger from the target’s largest shareholder, UK-based Anzon Energy (AEL).
Shareholders in AEL today voted at a meeting in Sydney overwhelmingly in favour of a merger with ROC, an oil and gas explorer and producer.
A scheme of arrangement must now be approved by the Federal Court, with a hearing scheduled for this Friday, for the merger to go ahead.
Assuming court approval is obtained, AEL is expected to lodge a copy of the court order with the Australian Securities & Investments Commission next Monday. ROC expects the scheme will be implemented by September 22.
AEL will become a wholly owned subsidiary of ROC, which will emerge with AEL’s 53.1 per cent controlling interest in Anzon Australia.
The offer of 0.792 ROC shares plus five cents for each Anzon Australia share, values the target at about $356 million, and is due to close on October 6.
ROC acting chief executive Bruce Clement today told AAP that 99.9 per cent of AEL shareholders had voted in favour of the merger.
But Mr Clement said he had received no indications from Anzon Australia’s second largest shareholder, Nexus Energy, as to whether it would accept the offer for its 19.4 per cent stake.
“There are no real big shareholders (among the remaining 30 per cent) but you can imagine that there are hedge funds in there now, taking positions in the stock because of the takeover,” he said on the sidelines of the RIU Good Oil Conference in Fremantle.
Anzon Australia will release its target’s statement on Monday and has not yet indicated whether it will recommend ROC’s offer to its shareholders.
“I can’t anticipate what they are going to say,” Mr Clement said.
He said Anzon Australia had inhibited its growth with a complex ownership structure and its reliance on a 40 per cent stake in one project, the Anzon-operated Basker Manta Gummy joint venture in the Gippsland Basin off Victoria.
Nexus backed out of a proposed takeover for Anzon in May after disappointing results from the Basker 6 well.
“Being very much focused on one project means individual events have a big impact on the company,” Mr Clement said.
“If they have an operational problem, it becomes a market issue.
“Whereas when you have a number of projects like ROC does, a single operational issue doesn’t really have as big a material impact on the company.”
He said acquiring the project would bring additional oil production of 4,000 barrels per day to ROC, which currently produces 10,408 barrels of oil equivalent (BOE) per day.
The deal will more than double ROC’s reserve base to 47 million to 50 million BOE and more than double production by 2010 to 20,000 BOE per day.
ROC, which has producing assets in Australia but is increasingly focused on China, values the Basker Manta Gummy project because it has exploration upside and will diversify the company’s asset base.
“It’s quite a prolific producing reservoir,” Mr Clement said.
“It gives us a bigger production base, a bigger strength to do more business and grow the business in the future, but it also balances our portfolio and focuses more of our business back in Australia.”
He said ROC’s valuation of Anzon Australia was based on a reserve figure for Basker Manta Gummy that was 10 per cent to 15 per cent lower than that defined by the target’s independent expert.
“We do acknowledge there is significant possible reserve upside in this field.”
While Mr Clement said ROC had much on its plate, it continued to seek attractive acquisition opportunities and could consider divesting its small exposure to projects in Mauritania, but did not need to at present because its cash position was comfortable.
Anzon Australia shares closed down 1.5 cents at 94 cents while ROC shed two cents to $1.17
AAP

ROC takeover goes unconditional...(Pity i liked the looks of AZA)

http://www.stocknessmonster.com/news-item?S=AZA&E=ASX&N=519875

[AMR]

What do you fellas think about the combined ROC-AZA entity. Judging by PE ratios they seem very very cheap.

Now if ROC-AZA were to pick up NXS as well...;)

[New Jersey girl]

The ROC takeover is looking worse and worse - unless, of course, ROC proves as adept at "stealing" value from other companies in the future as it been this year.

I have no wish to sell my tiny holding, on the basis that if the takeover does not reach 90% ROC will have to make AZA pay dividends in order to access the BMG cash flows. Is this correct? The alternative would be for ROC to sell assets to AZA. I am a bit worried that ROC could sell parts of its portfolio to AZA, resulting in dilution of the BMG position and no cashflow. The easiest thing would be to make AZA take a potentially unprofitable futures position, unwinding its own rather exposed position as it does, and lowering AZA's future profits.

Anyone else planning to hold?

[AMR]

Game over. Compulsary acqusition of AZA shares by ROC.

Time to buy ROC?