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Gadens strikes oil in offshore deal

Gadens strikes oil in offshore deal

Gadens and King & Wood Mallesons acted on the $US525 million sale of downstream businesses owned by an oil and gas company operating in Papua New Guinea.

Gadens and King & Wood Mallesons acted on the $US525 million sale of downstream businesses owned by an oil & gas company operating in Papua New Guinea.

Firms: Gadens (InterOil Corporation); King & Wood Mallesons (Puma Energy Group)

Deal: InterOil’s sale of a group of downstream businesses, which held its Papua New Guinean oil refinery and petroleum products distribution businesses, to Singapore-based Puma Energy Group

Value: $US525.6 million

Key Players: The Gadens team advising on the sale was led by Sydney head of corporate Charles Cowper (pictured) and included Sydney banking & finance partner Helen Ord, senior associates Joshua Hunt and David Morgan, and solicitors Abi Uthayachandran, Bianca Doja and Herjit Saini. Adrian Perkins was the lead partner for KWM

Deal Significance: InterOil’s downstream businesses included the Napa Napa refinery in Port Moresby, which processes about 28,000 barrels a day, as well as 52 service stations and 30 fuel depots, terminals and aviation sites. Their sale will provide InterOil with capital to fund their upstream and LNG business.

InterOil general counsel Geoff Applegate commended Gadens on a speedy M&A transaction. “It was achieved in what must be record time,” he said.

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