Kerman & Co LLP advises UK Oil & Gas Investments PLC on acquisition of UK production and exploration oil and gas licences
October 31, 2014
Kerman & Co. LLP advised UK Oil & Gas Investments PLC (“UKOG”) on its acquisition of UK production and exploration oil and gas licence interests from Northern Petroleum PLC (“Northern Petroleum”).
The transaction structure involved UKOG acquiring the entire issued share capital of three of Northern Petroleum’s subsidiaries, namely Northern Petroleum (GB) Limited, NP Solent Limited and NP Weald Limited (the “Acquired Companies”). The licence interests acquired by UKOG (through acquisition of the Acquired Companies) comprise a 10% and 5% working interest in the producing Horndean and Avington Oilfields, respectively, in the Weald Basin, both of which are operated by IGas Energy Plc (“IGas”); a 50% interest in two further exploration licences in the Weald Basin; and a 65% interest in the offshore licence P1916 which flanks the western part of the Isle of Wight (the “Licence Interests”).
The effective date of the acquisition was 23 July 2014 with all revenues following this date accruing to UKOG and the consideration for the Acquired Companies was paid in cash by UKOG.
Asad Qayyum (Associate) in the Corporate and Capital Markets Team advised UK Oil & Gas Investments PLC on this transaction.