Roc Oil Acquires Stake in Osprey Oil
Roc Oil has acquired a 15 percent stake in privately held Osprey Oil and Gas Ltd as part of a wider participation agreement. Roc paid $US 250,000for its interest, which will see chief executive John Doran appointed as a non-executive director.
As part of the agreement, Roc could jointly appraise potential acquisitions identified by Osprey and directly co-invest on a 50:50 basis. According to Roc, Osprey's founding shareholders comprise the company's management as well as four financial institutions, International Finance Corp (IFC), African Merchant Bank, RMB Resources and Standard Bank London Ltd.
"ROC's view, that time is the most precious of all commodities, has been accentuated by its current high level of activity," Dr Doran said. "This thought influenced ROC's decision to form a corporate link with Osprey via a direct shareholding in that company, a non-executive seat on the board, an option over 50 percent of new projects sourced by Osprey and a co-investor relationship with the four other founder corporate shareholders, all of whom are large financial institutions focused on Africa."
Osprey, which is dedicated to activity in Africa, is managed by founder directors John Bentley and Jim Rutland, formerly managing director and finance director respectively of Energy Africa Ltd.