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Allens lets oil funds flow

Allens Arthur Robinson has announced it is acting as Australian legal counsel for UBS AG, Australia Branch (UBS) on equity raising by Tap Oil Limited (Tap Oil).Tap Oil is an independent oil and…

Allens Arthur Robinson has announced it is acting as Australian legal counsel for UBS AG, Australia Branch (UBS) on equity raising by Tap Oil Limited (Tap Oil).

Tap Oil is an independent oil and gas exploration and production company with interests in Australia and South East Asia.

The transaction - at a fixed offer price of $0.81 per share - comprises a $13 million fully underwritten institutional placement and a one-for-two accelerated non-renounceable pro-rata entitlement offer to all eligible shareholders.

The entitlement offer involves a fully underwritten institutional component of approximately $36 million and a retail component of approximately $33 million.

The capital being raised will facilitate Tap Oil's acquisition of Northern Gulf Petroleum Pty Ltd's Thai business which owns a 40 per cent interest in three petroleum concessions in the Gulf of Thailand, including the Manora oil field.

The Allens team is being led by partner Vijay Cugati, with lawyers Caitlin Gill, Cellia Cotan Cognard and Maya Greenberg assisting.

Allens advised UBS on all aspects of the management and underwriting of the capital raising, while Steinepreis Paganin acted for Tap Oil.

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