Ashurst advised Ophir Energy plc on its US$250 million reserve-based lending facility ("RBL") secured against the Ophir Group's producing oil and gas assets in Southeast Asia.

In addition to the initially committed US$250 million, a further US$100 million is available on an uncommitted “accordion” basis. Rothschild has acted as financial advisor to Ophir on the new RBL, which replaces Ophir’s existing RBL.

The Ashurst team was led by oil and gas financing partner Huw Thomas, supported by senior associate Alex Bartho, and associates Harriet Gray and Ari Garas. Tax advice was provided by partner Nicholas Gardner and associate Shayaan Zaraq Bari. Counsel Kerion Ball and senior associate Wan Sang Lung provided advice on hedging and senior associate Samir Ahuja and associate Misha Daha provided advice on the US law aspects of the transaction.

Ashurst worked closely with Ophir's team including legal counsel Ayesha Khokhar, chief financial officer Tony Rouse and head of finance- corporate John McMurtrie, as well as with the Rothschild team.

Huw Thomas commented:

“We are delighted to have helped Ophir meet its objectives as regards this new financing; we worked closely with the teams at Ophir and Rothschild in order to achieve this successful result.

We enjoy being at the centre of the RBL market- other high Profile RBL transactions we have advised on over the last few months alone include Siccar Point's US$600 million facility and International Petroleum Corporation's US$100 million facility."