Ashurst is advising Rockhopper Exploration plc, the oil and gas exploration and production (E&P) company with interests in the North Falkland Basin and the Greater Mediterranean and North Africa, on the acquisition of a portfolio of non-operated production and exploration interests in Egypt from Beach Energy Limited for a headline consideration of US$22m.

The transaction represents the continuation of Rockhopper's strategy to build a full cycle E&P company focused on two core areas of the North Falkland Basin and the Greater Mediterranean and North Africa region and represents the company's first investment in Egypt.

The Ashurst team was led by partners Michael Burns and Nick Williamson, assisted by senior associate Mary Seely and associate Josh Cornally. Partner Murray Wheater led on Australian aspects and Nick Gardner led on tax aspects of the transaction.

Commenting on the deal, Michael Burns said:

"We are delighted to be helping Rockhopper with this important strategic investment and to continue our longstanding relationship with the company."

Rockhopper's Chief Financial Officer Stewart MacDonald commented:

"A combination of Ashurst's corporate M&A skills and deep industry expertise have been a significant help to getting us to this point on the deal."