Firms: Minter Ellison (Texon); Johnson Winter Slattery (Sundance)
Deal: Demerger and acquisition
Area: Oil and gas
Value: More than $140 million
Key players: The Minters team included partners Bruce Cowley, Gary Goldman, Michael Barr-David and Franki Ganter, as well as senior associate Stephen Knight and associate Angie Clapper
Deal significance: Texon Petroleum Ltd was the owner of a number of developed and undeveloped oil and gas assets in Texas, including a number in the Eagle Ford Shale (EFS), one of the established hydrocarbon basins in the US that has become newly viable through the use of new drilling technologies.
After deciding to demerge its EFS and non-EFS assets using a scheme of arrangement, with the non-EFS assets to be spun-out as Talon Petroleum Limited (Talon - a new entity to be listed on ASX), Texon received an offer from Sundance Energy Australia Limited (Sundance) to acquire the post-demerger Texon and its EFS assets. This acquisition was also proposed to take place using a scheme of arrangement.
Both transactions were announced to the ASX on 13 November 2012 and by 27 February 2013 had received the required shareholder and court approvals.
Both schemes have now been implemented.