CORRS Chambers Westgarth has advised Melbourne-based AED Oil Limited on its acquisition of threesubsidiaries of Canadian company, Nations Petroleum. The dealrequired considerable legal and financial innovation over five months of work,Corrs said in a statement today.
“Itinvolved three separate transactions, which were not conditional on each otherbut commercially linked. The consideration included the issue of AEDshares to Nations, which increased the complexity of the transaction,particularly as the shares can be bought back by AED in certain circumstances,”said Corrs partner, Peter Ickeringill.
Onecompany, incorporated in Cyprus, owns a 50 per cent operating interest in BlockL in Brunei.
Theother two companies are incorporated in The Netherlands. One holds a 100 percent operating interest in a production sharing contract in Rombebai, Indonesiaand the other holds a 60 per cent interest in a production sharing contract inSouth Madura, Indonesia.
Ickeringillsaid: “We faced constant new legal, regulatory and environmental challenges, astimeframes were often extended and we were dealing with multiple foreignjurisdictions. This extremely complex transaction took five months tonegotiate, document and complete.”
Corrsadvised on and negotiated the sale, purchase and subscription documentation,conducted legal due diligence, provided regulatory advice, co-ordinated foreignlegal advice and implemented aspects of the transaction in foreignjurisdictions.
TheCorrs team was led by Ickeringill and senior associate Laura Keily. Other Corrslegal advisers included Peter Jarosek, John O’Grady, Campbell Unsworth,Charlotte Poole, Tim Dobney and Rhys Jewell.