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Roc Oil Announces the Death of CEO John Doran

07-01-2008

Roc Oil announces the death of CEO Dr John Doran on Friday, June 27, after a short illness. The statement said the firm is well placed to keep its business moving forward following the sudden death of the company's founder and chief executive. Roc Oil operates and has interests in three main regions: Australia, Africa and China, and is a non-operator in the North Sea.

Roc Oil chairman Andrew Love said Dr Doran had been the driving force of the company since it was established in 1997.

"John's sensibly contrary enthusiasm, passion and charm have been the driving force behind the company since its foundation in 1997," Mr Love said in a statement.

"He will be greatly missed by Roc's board and worldwide staff, business partners and shareholders, many of whom were known personally to John.

"Our deepest sympathy and thoughts are with John's family at this tragic time."

The company appointed Bruce Clement, its chief operating officer and executive director, to the role of acting CEO last week.

"While it is a big shock we are well-positioned to keep things going," Mr Clement said.

"The road map is pretty clear in what we are doing with the business.

"The Anzon takeover is still the big thing at the moment and we are still committed to that deal that we are working on.

"It's still full steam ahead."

"Our exploration in Angola and production in China is there and there is no change," Mr Clement added.

Earlier this month, Roc Oil launched a $556.8 million cash and scrip bid for fellow oil and gas producer Anzon Australia Ltd.

At the same time, it also announced a separate merger with the target's 53 per cent shareholder, UK-based Anzon Energy Ltd, via a scheme of arrangement.

Roc is offering 0.792 shares plus five cents cash for each Anzon Australia share.

Mr Clement said he is confident that the takeover bid would succeed.

Mr Clement could not say when a new CEO appointment would be finalised.

"We are not going to let it dangle for any period of time," he said.

"But I think its important for us to take breath and acknowledge what John has contributed to the industry."