Natural resources
Our natural resources team advises mining and oil & gas clients on their corporate transactions including IPOs, private placings, M&A and strategic contracts. The team is supported by our project finance, banking, regulatory, tax, environmental, employment and commercial groups as required. Clients include exploration companies for the oil, gas and minerals industries, mining businesses, corporate finance advisers and nomads.
Our work in this sector includes:
- Establishing the best structures from a tax, fundraising and operational viewpoint
- Reviewing exploration licences and advising on due diligence requirements, including necessary legal opinions and Competent Person and Reservoir Engineer Reports
- The acquisition and sale of local companies, whether by Takeover Code Offer, scheme of arrangement or private agreement
- Advising on production sharing agreements, offtake and other product sale arrangements
- Advising on equipment procurement and other infrastructure requirements
- IPOs and secondary fundraisings including ‘lock-ins’ and other requirements for companies with no previous trading record
- Advising Sponsors, Nomads and Corporate Advisers on their obligations on flotations or fundraisings
- Private placings and other development capital transactions for non quoted businesses
- Joint ventures and shareholders agreements.
Our recent experience in the oil and gas sector includes:
Silk Energy AS – advising on initial capital raising for and acquisition of an oilfield in Kazakhstan for a minimum of $30m (dependent on drilling results); plus subsequent finance for the initial drilling programme, including local licence requirements and tax structuring.
Peppercoast Petroleum plc – advising on the US$85m sale of its 100% interest in the production sharing contract for offshore Liberian oil assets to Canadian Overseas Petroleum Limited.
Water Engineered Technologies – advising on the development of oil lakes in Turkmenistan including fundraising, reviewing a standard Turkmen PSA and the hydrocarbon Iaw, equipment procurement and ‘offtake’ arrangements.
Arbuthnot Securities – advice as nominated adviser to San Leon Energy Plc on its secondary issue by way of conditional placing.
Pacific International Management – advice on a series of refinancings of the investments of this family office in businesses in the natural resources sector, including stakes in various AIM listed oil companies.
Atlantean Energy – advising on the proposed acquisition of $140m of oil and gas assets in Ukraine, including detailed negotiations with the Sellers and due diligence (including title opinions).
Examples of our recent mining experience includes:
Kryso Resources – continuing advice for AIM-listed gold explorer including an £11m secondary placing, and advice on feasibility study.
Condor Resources – continuing advice including asset swaps with Grafton Resources and B2Gold and a secondary placing with Macquarie Bank.
Vedanta Resources – continuing advice for FTSE100-listed Vedanta, including conducting its AGM and other related ‘head-office’ services. Previously we have advised on a £120m preference share subscription and disposal of its majority shareholding in Canadian listed Sterlite Gold.
Ambrian Partners – advice as nominated adviser to Falkland Gold and Minerals Limited on its reverse takeover of BPC Limited.
Consolidated Africa Mining plc – advice on the sale of its rutile assets in Cameroon. Secondary placing in connection with a possible coal acquisition in South Africa and detailed negotiation and due diligence for the acquisition of diamond concession in Tanzania.