International law firm Womble Bond Dickinson (WBD) has advised Third Energy Holdings Ltd, a specialist in the production and exploration of gas reserves, on the divestment of the entire issued share capital of Third Energy Offshore Ltd to Anglo-Dutch oil company Hague and London Oil plc (HALO).
A multidisciplinary WBD team advised on the transaction, with the firm drawing on its substantial experience of advising on M&A transactions in the energy sector. The transaction was led by corporate partner Simon Hewes, working closely with head of oil and gas, partner Paul Stockley. The core members of the WBD team were oil and gas solicitor Richard Forgan, corporate solicitor Joanna Norris, tax managing associate Ronan Lowney and banking managing associate Tom Caplen (Banking).
The transaction required regulatory confirmation from the OGA (Oil and Gas Authority). Following that confirmation, the transaction was completed on 28 December 2018. HALO issued new shares equivalent to 19.25% of its enlarged issued share capital to Third Energy Holdings Ltd, as consideration under the transaction.
Simon Hewes of WBD commented: “We’re delighted to have advised Third Energy Holdings Ltd on this high profile transaction. Our understanding of the energy sector, as well as our strong ability to provide multidisciplinary legal advice, meant we were to provide the best possible outcome for the client.”
Rasik Valand, CEO at Third Energy Holdings Ltd, added: “We’re very grateful for the work put in by the whole team at WBD whose experience and first-rate legal advice has played an important role in helping us achieve a successful transaction.”
Third Energy Offshore Ltd is based in London and has interests in the UK Continental Shelf, including a 45% interest in the Greater Pegasus Area operated by Spirit Energy.