Corrs Chambers Westgarth has advised AED Oil Limited (AED) on its acquisition of three subsidiaries of Canadian oil company Nations Petroleum, advised by Hunt & Hunt.
One of the acquired companies is in Cyprus, with a 50 per cent interest in Brunei's Block L, while the other two companies are in The Netherlands, with varying interests in Indonesia.
Corrs partner Peter Ickeringill said the success of the transaction depended on a high level of ingenuity. "The transaction required considerable legal and financial innovation, as it involved three separate transactions, which were not conditional on each other but commercially linked," he said.
"The consideration included the issue of AED shares to Nations, which increased the complexity of the transaction, particularly as the shares can be bought back by AED in certain circumstances."
During the transaction, Corrs provided advice to AED in relation to the negotiation of the sale and the purchase and subscription documentation.
The firm also conducted due diligence, provided regulatory advice, coordinated relevant foreign legal advice and implemented various aspects of the transaction in foreign jurisdictions.
"We faced constant new legal, regulatory and environmental challenges, as timeframes were often extended and we were dealing with multiple foreign jurisdictions," said Ickeringill.
"This extremely complex transaction took five months to negotiate, document and complete."