Fladgate has advised oil and gas exploration and production company Caspian Sunrise plc (LON:CASP) on the acquisition of the “Caspian Explorer” for a total consideration of US$25 million payable in shares. The “Caspian Explorer” is a vessel capable of drilling exploration wells in the extremely shallow waters of the Caspian Sea.
Caspian Sunrise has focused exclusively on on-shore exploration and production, and the acquisition of the “Caspian Explorer” will enhance the company’s opportunities to participate in offshore blocks in the Northern Caspian Sea as well as potentially creating a new revenue stream by contract drilling for third parties.
Lead Partner Paul Airley said, “Caspian Sunrise is a longstanding client that I have had the pleasure to work with for many years. This transaction is particularly significant for the company as it is a first step in diversifying the company’s assets and revenue streams.”
Paul was supported by Associate David Baverstock.
Fladgate has a strong track record in advising on transactions in Central Asia, and has recently acted on a variety of matters in the energy and resources space, including:
- Advising AIM-listed Angus Energy plc on a number of equity and convertible financings and on the acquisition of an interest in a UK gas facility
- Advising AIM and TSX-V listed Eco (Atlantic) Oil & Gas Ltd on a $17 million placing and subscription
- Advising AIM-listed Sirius Petroleum plc on a £5 million discounted convertible loan notes facility with European High Growth Opportunities Securitization Fund
- Advising AIM and TSX-listed Avesoro Resources Inc on its takeover by a major shareholder
- Advising Jubilee Metals Group plc, the AIM and Alt-X traded metals processing company, on its oversubscribed £6.49 million equity placing
