International law firm Holman Fenwick Willan recently advised Niel Petroleum S.A. (Niel), a junior oil and gas company incorporated and headquartered in Luxembourg, in relation to the proposed issue to Niel by New World Oil and Gas Plc (NWOG), the oil and gas operating company currently focused on Belize and Denmark, of 2,184,897,959 shares (the Shares) and the provision of a loan.
Ashurst is advising long-standing client Dyas UK Limited in relation to its acquisition of certain oil & gas interests in the North Sea from Cairn Energy. The acquisition is structured as a put and call agreement in relation to Dyas acquiring a 6% interest in two licences known as Mariner West, and an 80% interest in a licence known as Mermaid. The consideration consists of an initial cash payment to Cairn Energy of US$43 million, together with an amount equal to Cairn's expenditure on the licence interests since 31 December 2012.
CMS has advised Norwegian oil & gas giant Statoil on the UK aspects of its US$2.65 billion sale of interests in a number of its UK and Norwegian Continental Shelf assets to Austria’s OMV. Statoil’s in-house legal team had overall responsibility for the transaction and advised on all aspects of the Norwegian part of the deal.
International law firm Simmons & Simmons has advised ONGC Videsh Limited (“OVL”) on the US$2.64 billion acquisition of the ten percent participating interest (“Acquisition”) in the Rovuma Offshore Block in Mozambique (“Area 1”), from Anadarko Moçambique Area 1 Limitada (“Anadarko”), a wholly owned indirect subsidiary of Anadarko Petroleum Corporation.
Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has advised New World Oil & Gas plc (“New World”) on a proposed financing package of up to US$50 million to acquire and pursue new business opportunities.
The financing is to be provided by Niel Petroleum S.A., a Luxembourg incorporated oil and gas company, and comprises of an issue of ordinary shares to raise US$25 million and a proposed loan of US$25 million.
Paul Weiss client TransAlta Renewables Inc. closed its initial public offering of 20 million common shares at Cdn$10.00 per share. CIBC World Markets Inc. and RBC Dominion Securities Inc. co-led the syndicate of underwriters for the transaction.
TransAlta Renewables, a majority-owned subsidiary of Paul, Weiss client TransAlta Corporation, owns a portfolio of renewable power generation facilities and has one of the largest power generating capacities of any publicly traded renewable independent power producer in Canada.
Paul Hastings LLP, a leading global law firm, announced today that the firm represented NuStar Logistics, L.P., a wholly owned operating subsidiary of NuStar Energy L.P. (NYSE: NS), in connection with its public offering of $300 million 6.75% senior notes due February 1, 2021, which closed on August 19, 2013.
Paul, Weiss client Cenovus Energy Inc., a Canadian integrated oil company headquartered in Calgary, Alberta, completed a public offering in the United States of $800 million of senior unsecured notes in two series: $450 million 3.80% senior notes due 2023 and $350 million 5.20% senior notes due 2043. The joint bookrunning managers were Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc. and J.P. Morgan Securities LLC. The net proceeds of the offering will be used to fund the redemption of Cenovus's $800 million 4.50% senior notes due 2014.
Davis Polk advised Morgan Stanley & Co. LLC and UBS Securities LLC as representatives of the underwriters in an SEC-registered public offering by Goodrich Petroleum Corporation of 4,800,000 depositary shares, each representing a 1/1000th interest in a share of its 9.75% Series D Cumulative Preferred Stock, par value $1.00, with a liquidation preference of $25,000 per share. The offering raised approximately $115.3 million in net proceeds.
Herbert Smith Freehills has advised China National Petroleum Corporation (CNPC), the parent company of publically-listed PetroChina, on its acquisition of a 28.57% stake in Eni East Africa SpA, a wholly owned subsidiary of Eni SpA, for US$4.2 billion.
Following the completion of this transaction on 26 July 2013, CNPC now holds through Eni East Africa SpA a 20% stake in Mozambique's Area 4 gas field, located in the Rovuma basin, Mozambique. Herbert Smith Freehills advised on the acquisition, joint venture, competition and tax elements of this transaction.