UK law firm Shepherd and Wedderburn acted for Celtique Energie, a British-based oil and gas exploration company, in the sale of its subsidiary, Celtique Energie Weald, and its 50% interest in UK Weald basin Petroleum Exploration and Development Licence 234, to UK Oil & Gas Investments (UKOG). The consideration for the sale is £1.75m, and is payable in a mixture of cash and UKOG shares.
Magellan Petroleum, the owner of the other 50% interest in the licence, has also agreed to sell that interest to UKOG.
UKOG is a London-based oil and gas company with a portfolio of investments in 11 UK oil and gas assets, focussed on the Weald basin in Southern England. The Shepherd and Wedderburn team who advised Celtique Energie included corporate lawyers Stephen Trombala and Tom Swan.
Shepherd and Wedderburn is a leading UK law firm, whose highly regarded Oil & Gas team has an impressive track record in advising independent exploration and production companies in worldwide M&A and capital markets transactions. The team acts for, amongst others, Bowleven, Cairn Energy, Cluff Natural Resources, Tethys Petroleum and over a quarter of the members of The Association of British Independent Oil Exploration Companies (BRINDEX). Recent transactions include: (i) the US$250m sale by Bowleven to LUKOIL and NewAge of certain interests in the Etinde Permit, one of Cameroon’s most promising offshore development areas, (ii) the £585m acquisition by North Sea Midstream Partners from Total of operated interests in the St Fergus Gas Terminal, Frigg UK Pipeline (FUKA) and The Shetland Island Regional Gas Export System (SIRGE), and (iii) the acquisition by Cairn Energy of additional interests in the Kraken development area, UKCS from FirstOil.