Slaughter and May, working with Norwegian firm BA-HR, is advising Aker Energy AS on its proposed acquisition of Hess Corporation’s interests in Ghana, consisting of a 50 per cent. participating interest in the Deepwater Tano Cape Three Points (DWT/CTP) block.

The DWT/CTP block covers approximately 2,010 square kilometres, with discovered contingent resources estimated to be 550 million barrels (2C) and a remaining prospective volume upside of approximately 400 million barrels. The total cash consideration for the transaction is USD 100 million, consisting of USD 25 million payable upon closing of the transaction and a further USD 75 million payable upon approval of the plan for development and operation on the DWT/CTP block.

The acquisition is subject to approval from the relevant Ghanaian authorities and other customary closing conditions.
Contacts

Corporate: Hywel Davies (partner), Edward Chapman (associate), James Ufland (associate); Tax: William Watson (partner), Tanja Velling (associate)

BA-HR: Stig Klausen Engelhart (partner), Per Aksel Hammer Krog (associate), Christian Kydland (associate)