13 Jun 2013 | 03:24 pm |
International law firm Pinsent Masons advised EnQuest on the agreement to acquire Tunisian-based offshore assets for a mixture of upfront and contingent consideration totalling a maximum of $249m, as the oil producer expands into Africa for the first time.
UK-headquartered EnQuest will, when the deal completes, acquire 70 per cent of Tunisia's Didon oil field and Zarat permit in the Gulf of Gabes from PA Resources AB.
A Pinsent Masons' team led by Akshai Fofaria and Bob Ruddiman advised on the transaction which will further diversify the company's operations from its traditional focus on the UK North Sea.
Commenting on deal Akshai Fofaria said:
"This is a good example of the deployment of a London-based French-speaking team advising on a complex oil and gas transaction in a jurisdiction profoundly affected by the Arab Spring. The success of this deal depended on the knowledge and expertise of the firm’s international oil and gas sector team and a deep understanding of the specific challenges involved in executing deals of this nature in Africa."
The deal will see PA Resources receive a $23 million upfront cash payment and retain 30 per cent participating interest in the two assets.
Specialising in extending the life of old oil fields, EnQuest operated only in the UK North Sea until it acquired the Malaysian-based Nio Petroleum in November last year.
The Pinsent Masons team also included Ben Gibson, Jeremy Chang, David Millar Neil Hehir, Rebecca Aspinwall, Fiona Gatt, Leo Shaw, Grant Walker, Elizabeth Muir and Sara Briody.
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