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CMS Cameron McKenna advises on Major North Sea Acquisition for RWE Dea

Date: 24/07/2009

Eleanor Layton

The energy team at CMS Cameron McKenna LLP have successfully advised RWE Dea on the purchase of a 70% stake in the Breagh gas field, a major Southern North Sea gas development, from six companies. On completion of the transaction, RWE Dea will take over the majority of the Breagh field, the largest gas discovery in the North Sea for 10 years.

The signing of the transaction documents was the successful result of several months of negotiations between RWE Dea and the six selling companies - Sterling Resources (UK) Limited, EnCore Oil plc, Stratic Energy Corporation, Faroe Petroleum (U.K.) Limited, RegEnergsys Limited and Petro Ventures International Limited. The Breagh gas field is located in block 42/13a and 42/12a of the southern North Sea, 65 kilometres from the Northeast coast of England and 86 kilometres from Cavendish gas field, which is also operated by RWE Dea.

The team was led by Energy partner Eleanor Layton and included Brendan Keane, Richard Sinclair, Stuart Corey, Jo Morton, Tom Reid, Narinder Jugpal, Chris Overton and Mary Gilmore-Maurer. James Grimwood (Corporate), Katie Souter (Banking) and Aaron Fairhurst (Tax) also advised on the transaction.

Eleanor comments, “Having recently advised RWE Dea in relation to the Clipper South transaction in the Southern North Sea, we were thrilled to successfully advise them on this latest, significant transaction.”

RWE Dea, headquartered in Hamburg, is an international company operating in the field of exploration and production of natural gas and crude oil. RWE Dea is an arm of RWE, who the firm has recently advised in relation to the purchase of prime sites for nuclear development in the UK.

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Nicola Stokes
+44 (0)207 367 3495
nicola.stokes@cms-cmck.com

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