Ashurst advised Oranje-Nassau Energie B.V. ("ONE") on its acquisition of the entire issued share capital of Sterling Resources (UK) Limited ("SRUK"), from SRUK Holdings Limited.

ONE will acquire SRUK for an amount equal to US$163 million, less: (a) amounts necessary to redeem the outstanding US$40 million principal amount of bonds issued by SRUK; (b) amounts necessary to cancel the super senior revolving credit facility entered into by SRUK, SRUK Holdings and the company with a syndicate of lenders; and (c) certain completion adjustments based on actual change of control and interim period costs relative to targeted amounts.

The Ashurst team was led by oil and gas partner Julia Derrick, working with partners Michael Burns and Huw Thomas, tax partner Nicholas Gardner, employment, incentive and pensions Marcus Fink and litigation partner Tom Cummins, assisted by senior associates Mary Seely, Tim Gummer, Cathy Orgill, Ruth Buchanan and Rob Meade, and associates Grace Rackham, Emma Camilleri, Rachael Chapple, Natalie Barris, Zeina Talhouni, Francesca Witney, Hannah Martin and Liz Ramsaran.