Kerman & Co advises UK Oil & Gas Investments on the acquisition of 100% interest in Weald Basin
June 13, 2016
- A Share Purchase Agreement with Celtique Energie Petroleum Limited to acquire Celtique Energie Weald Limited (“CEWL”) who own a direct 50% interest in the Licence and;
- An Asset Transfer Agreement with Magellan Petroleum (UK) limited who own a 50% interest in the Licence.
Additionally, via a second Asset Transfer Agreement, the Company will be assigned Magellan’s 22.5% direct interest in offshore Isle of Wight licence P1916, taking UKOG’s interest to 100%.
The transactions are conditional upon the extension of the licence and the usual regulatory approvals being granted by the Secretary of State for Energy and Climate.
Kerman & Co’s Capital Markets team advised UK Oil & Gas Investments PLC on the transaction.