Firms: Norton Rose Australia (SK E&S), King & Wood Mallesons (ConocoPhillips), Ashurst (Santos)
Deal: Purchase of a stake in the Caldita and Barossa gas discoveries in the Timor Sea
Area: Oil and gas
Value: US$520 million
Key players: The Norton Rose Australia team was lead by Alex Cull, head of the Australia oil and gas practice
Deal significance: The deal involves SK E&S (part of South Korea's SK Group) acquiring a 37.5 per cent share in two permits from subsidiaries of ConocoPhillips and Santos. SK E&S will then have an option to buy an additional 12 per cent stake following the drilling of three appraisal wells. Both onshore and floating LNG concepts will be considered for commercialising the gas. This transaction is the first step in SK E&S’ initiative to vertically integrate its natural gas business and will enhance South Korea’s energy independence. The parties signed on 7 June 2012. J.P. Morgan acted as exclusive financial advisor to SK E&S.