sounds great, 100 % of richfield project currently 40% and the...

sounds great,

100 % of richfield project currently 40% and the rest of rci leases , rocklands project and hillalong. great value to both companies with combinded coal leases and current arrangement with bushan steel to accelerate them



Bowen Energy Announces Off-Market Takeover Offer for Rocklands Richfield Limited


Bowen Energy Limited (“Bowen”) (ASX: BWN) today announced an off-market takeover offer for 100% of the shares
in Rocklands Richfield Limited (“Rocklands”) (ASX: RCI). Under the terms of the offer, Bowen is offering Rocklands
shareholders 1 Bowen share and 10 cents for every 2 Rocklands shares held.

Rocklands is a coal exploration company listed on the ASX whose principle assets are the EPC 890 Rocklands
Project, MDL 324 Hillalong Project and 60% of EPC 930 Richfield Project, which are all located in the Queensland
Bowen Basin.


Rationale for the Offer

The Board of Bowen believes that the acquisition of the Rocklands projects would provide an excellent addition to
Bowen’s growing exploration and development portfolio. In particular it would enable Bowen to utilise its
memorandum of understanding strategic partnership agreement with Bhushan Steel Ltd (Bhushan) and would “fast
track” the development of MDL 324 and EPC 890.

The offer provides material benefits to the shareholders of Rocklands, including:

1. The opportunity to realise an attractive premium for their shares. Based on the closing price of Bowen shares on
04.06.07, the offer values each Rocklands share at $0.195 which represents a premium of:
21.9% to the closing price of Rocklands shares on the same date; 21.9% to the volume weighted average price of Rocklands shares for the 1 month prior to this announcement; 20.8% to the volume weighted average price of Rocklands shares for the 2 months prior to this
announcement; 9.8% to the volume weighted average price of Rocklands shares since the announcement of the Bermuda
based China Coke and Chemicals Ltd (CCC) purchase (reverse takeover) deal announcement.

2. The combination of Bowen’s memorandum of understanding leading to a strategic partnership with Bhushan
which will facilitate Bowen’s acceleration the feasibility of further exploration and exploitation of the Rocklands
assets
3. By accepting Bowen’s offer, Rocklands shareholders will become shareholders in Bowen, a company which offers: an alternative to Rocklands’ China Coke and Chemical Ltd (CCC) reverse takeover; a cash component of 5 cents per share, being one quarter of the issue price originally paid for Rocklands; direct exposure to a portfolio of 100% owned uranium leases in Western Australia and Queensland as well as
100% of a uranium deposit in Queensland; and a strong platform for growth and forward-thinking management.


Offer Terms

By accepting the offer and subject to the conditions of the offer being satisfied, Rocklands shareholders will receive
1 Bowen share and 10 cents cash for every 2 Rocklands shares held.

Bowen’s offer is subject to the following conditions, including:
Bowen obtaining acceptances to provide it with relevant interests in more than 90% of Rocklands
shares; obtaining all necessary regulatory approvals and satisfaction that there are no materially adverse
regulatory actions taken to restrain, prohibit or impede the offer; no “prescribed occurrences” under s 652C of the Corporations Act 2001 (Cth) taking place; no material adverse changes or other material events occurring in relation to Rocklands; Bowen not becoming aware that public filings by Rocklands contain statements which are materially
incorrect or misleading; Rocklands not making any material acquisitions disposals or new commitments other than those
publicly announced prior to the date of this announcement date; and RCI shareholders not voting in favour of the proposed acquisition of China Coke and Chemicals Ltd
pursuant to the proposal announced by Rocklands to the Australian Securities Exchange on 21 March
2007.
Further details in relation to the offer conditions are outlined in Attachment A.


Process and Timing

Bowen expects that the Bidder’s Statement will be lodged with ASIC within one (1) month of the date of this
announcement and sent to shareholders approximately 14 days after lodgement. Following dispatch of the Bidder’s
Statement the offer will remain open for at least one (1) month.

Hemming and Hart, Brisbane is acting as legal adviser to Bowen.