Fieldfisher's ENR Team Advises on Largest Ever AIM Oil and Gas Acquisition

Posted by OilVoice Press - OilVoice


International law firm Fieldfisher has advised on the largest acquisition by an oil and gas company completed to date on London's Alternative Investment Market (AIM).

The deal saw AIM-listed Diversified Gas & Oil PLC (DGO), a US-based gas and oil producer, acquire a network of producing assets in the Appalachian Basin, US, covering around 2.5 million acres (10,117km2) containing 11,350 wells, for approximately $575 million.

The acquisition will be funded by a combination of a new debt facility of up to $1 billion and a placing of new Ordinary Shares to raise proceeds of $240 million, net of placing costs.

A team led by Corporate Partner, Anthony Brockbank, supported by Associate, Owain Davies and Paralegal, Jamal Moursy, acted for DGO's nominated adviser, Smith & Williamson and joint brokers Mirabaud Securities Limited and Stifel Nicolaus Europe Limited in connection with the acquisition and associated fundraising.

Due to the size of the acquisition assets relative to the company, the acquisition constitutes a reverse takeover of DGO under Rule 14 of the AIM Rules for Companies.

DGO announced its intention to acquire the assets on 14 June and finalised terms on 27 June. On completion of the transaction, DGO will become one of the top gas and oil producers on the London Stock Exchange, with net production more than doubling to approximately 58,381 boepd.

Commenting on the transaction, Anthony Brockbank, Partner, Corporate at Fieldfisher, said:

“This is the fourth DGO transaction we have advised on since the company completed its Initial Public Offering in February 2017.

“The deal, which makes DGO one of the largest companies trading on AIM today, is a strong indicator that oil and gas M&A activity on the London stock market continues to thrive, boosted by a robust oil price environment, following a relatively lacklustre period for deal-making since the oil price crash in mid-2014.”

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

AIMo&gOilgasAcquisitionFieldfisherDiversified Gas & OilDGOUnited StatesUSAppalachian Basin

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 5 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 9 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice