Pinsent Masons advises EnQuest on Tunisian oil field acquisition

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.

 

Latest press releases

Show me all press releases

Pinsent Masons advises NTR plc on 54MW portfolio of co-located solar and battery storage projects in Ireland

Multinational law firm Pinsent Masons has advised NTR PLC on the acquisition of a 54MW portfolio of co-located solar and battery storage projects in County Wexford, Ireland, from renewable energy developer RES.

Pinsent Masons advises on Four Seasons Care Homes portfolio migration

Multinational law firm Pinsent Masons has advised propco investor LDC Care Homes and its asset and investment manager Elevation Advisors on the migration of a care homes portfolio from Four Seasons Health Care Group (FSHC) to new operators.

Pinsent Masons advises Teva Pharmaceuticals on €84m sale of its consumer healthcare brand portfolio to Karo Pharma AB.

Multinational law firm Pinsent Masons has advised Teva Pharmaceuticals’ subsidiary, Actavis Group PTC, on the successful €84m sale of a suite of consumer healthcare products to Karo Pharma AB (Karo).

People who viewed this press release also viewed

Show me all press releases

Pinsent Masons appointed to UK Government Trade Law Panel

Multinational law firm Pinsent Masons has been appointed to the UK Government's new Trade Law Panel in an international consortium with BakerHostetler in the USA, and Fasken in Canada, to advise on international trade law disputes.

Pinsent Masons wins Belt and Road Deal of the Year and Overseas Deal of the Year awards at the China Business Law Awards

Multinational law firm Pinsent Masons has won Belt and Road Deal of the Year and Overseas Deal of the Year awards for the firms work on the Red Sea Tourism Mega Project in Saudi Arabia and Mexico City's Subway Line Construction Project respectively.

Pinsent Masons appoints infrastructure partner in Perth

Multinational law firm Pinsent Masons has hired infrastructure partner David Ulbrick to its team in the Perth office.

For all media enquiries, including arranging an interview with one of our spokespeople, please contact the press office on

+44 (0)20 7418 8199 or 

Location contacts