International law firm, Berwin Leighton Paisner (BLP), has acted for NASDAQ listed Carrizo Oil & Gas, Inc. (Carrizo) on the US$184m sale of its interest in the North Sea Huntington Field to TSX listed Iona Energy Inc. (Iona).
Carrizo is a Houston-based energy company engaged in the exploration, development and production of oil and natural gas in the US and the UK.
Carrizo acquired the Huntington Field in the 21st UK Licensing Round in 2003 and has since developed the project in partnership with E.ON, Premier Oil and Noreco. BLP has previously advised Carrizo in relation to a US$84m reserve based lending facility for the project and on other oil and gas matters related to the UK sector of the North Sea.
The sale to Iona followed a competitive process run by Carrizo’s financial advisers, Scotiabank, on which BLP also advised.
BLP Head of Projects & Infrastructure Adam Dann commented: “We are delighted to have helped Carrizo realise the value of its investment in the Huntington Field. Carrizo has achieved a great result in developing the field from an exploration play in 2003 right through to the verge of production today.”
Carrizo General Counsel & Vice President of Business Development Gerry Morton said: “We have been very happy with the pragmatic and industry grounded advice provided by the BLP oil and gas team. They have been incredibly responsive at all times and the quality of advice, and the “depth of their bench” has been instrumental in getting this project across the finish line in as timely a manner as could be expected given the many unique challenges surrounding this transaction. An excellent service all round.”
The BLP team was led by partner Adam Dann and Associate Tim Sumner, assisted by Associate David Cook and Trainee Solicitor Edward Stewart. Tax advice was provided by Partner Richard Harbot.
