International law firm Ashurst has advised Kina Petroleum Limited on its proposed re-domiciliation from Papua New Guinea (PNG) to the British Virgin Islands, the first of its kind under a new PNG Capital Markets Act.

Kina Petroleum Limited proposes to re-domicile from PNG to the British Virgin Islands by way of a "top-hat" scheme of arrangement under PNG law with Kina Petroleum Corporation, a British Virgin Islands company. If the scheme is approved by shareholders and the PNG courts, Kina Petroleum Corporation will seek a listing on the ASX and POMSoX.        

Ashurst partner Murray Wheater said:

"It has been a privilege for Ashurst's Sydney and Port Moresby teams to support Kina Petroleum on this major corporate structure, which is a key step toward developing its strategic oil and gas assets in PNG. As this is expected to be the first scheme of arrangement under PNG's new Capital Markets Act, many novel issues have arisen during the process."

The Ashurst team was led by Sydney partner Murray Wheater, with support from counsel Michael Dearden, senior associate Samantha Robson and associates Rebecca Beard, Jack Digby and Callum Newson-Brown. In Port Moresby, partners Tim Glenn and Ian Shepherd led, with assistance from associates Ethel Heagi and Jerome Kadamongariga. Tax advice was provided by partners Peter McCullough and Sanjay Wavde and senior associate Eli Bursky.