DLA Piper has advised Anglo African Oil & Gas plc (AAOG) on the acquisition of a 49 per cent stake in Petro Kouilou SA from Sister Holding SAS. The deal follows AAOG's successful admission to AIM on 6 March 2017, having raised £10 million by way of a placing, which the firm also advised on.
Petro Kouilou holds a 56 per cent interest in the Tilapia oil and gas field, located off the coast of the Republic of the Congo. It currently produces around 38 barrels of oil per day, but with AAOG's development programme, this is expected to increase to 185 to 250 barrels per day. Further development will result in even higher yields.
Rob McKie, Corporate partner at DLA Piper, said: "We are delighted to see the successful conclusion of the admission of Anglo African Oil & Gas onto AIM, and the initial completion of a 49 percent interest in Petro Kouilou."
He continued: "Until recently we have seen very few oil and gas companies listing on AIM due to the struggling oil prices. The fact that AAOG successfully raised £10 million marks a return of confidence in the sector. AAOG can now focus on delivering the growth potential Petro Kouilou and we look forward to collaborating with them on this project."
David Sefton, Executive Chairman of AAOG, added: “The team at DLA Piper has worked very hard to enable us to complete the acquisition and be admitted to AIM. The advice we have received has been excellent and well considered throughout and Rob McKie has proven very adept and sure-footed in guiding us through the complexities arising from multiple elements to the transactions, which themselves crossed multiple jurisdictions. Having the DLA Piper team alongside us has been critical at every stage of what has been a long and ultimately successful journey.”
The DLA Piper team consisted of Head of Investment Funds, Andrew Wylie, Corporate partner Rob McKie and associate Liam Freeman, Tax partner David Thompson, legal director Lynda Finan, Finance partner Dimitri Papaefstratiou, Employment partner Clare Gregory and Corporate partner Jon Hayes.
