Press

Ashurst Advises on the Proposed Sale of Merlon Petroleum to SOCO

Posted by OilVoice Press - OilVoice

20-Sep-2018


International law firm Ashurst is advising Merlon International LLC, a Delaware company, in relation to the agreement to sell its subsidiary company Merlon Petroleum El Fayum Company, which owns oil & gas assets in Egypt, to SOCO International plc, which is listed on the Official List in London.

The company being sold is an oil & gas company incorporated in the Cayman Islands which owns a 100% operated working interest in the onshore El Fayum concession in the Western Desert in Egypt.

The consideration is approximately US$215 million, to be satisfied through the payment of approximately US$136 million in cash and the issue of approximately 66 million new SOCO shares, representing 19.75% of SOCO's current issued share capital. The proposed sale by Merlon International to SOCO is a class 1 transaction for SOCO, requiring the consent of its shareholders, and is also subject to other usual regulatory consents.

Corporate partner Nick Williamson is leading the Ashurst team, which also includes resources partner Julia Derrick, corporate partner James Fletcher, and senior associates Grace Rackham and Dallan Pitman. Partner Alex Cox and associate Laura Burt advised on tax matters.

Porter Hedges in Texas is advising the Seller on US law matters, and Maples and Calder is advising on Cayman law matters. Clifford Chance is advising SOCO. 



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AshurstDivestmentMerlon PetroleumSOCOEgypt

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