CMS, the organisation of leading international law firms, has acted for Talisman Energy in the sale of the entire issued share capital of its Dutch subsidiary, Goal Petroleum (Netherlands) B.V. (“Goal”), for $480 million (excluding working capital) to Total.
The agreement, effective 1 January 2008, is subject to all necessary approvals by the authorities in accordance with Dutch legislation.
The assets of Goal, predominantly located in permits operated by Total, include 10.25% of the K4b/K5a licence and 20.273% of the K5b licence, both operated by Total E&P Nederland B.V., and 8% of the E18a licence, operated by Wintershall.
Partners Frank Fowlie and Stephen Millar led the CMS cross-border team from the Aberdeen office of CMS Cameron McKenna with significant input from CMS Derks Star Busmann corporate partner Cars-Jan Van Gool and energy partner Martika Jonk.
“We were delighted to assist Talisman with their ongoing divestment strategy,” commented Stephen Millar. “CMS is extremely well-placed to be able to serve clients in the energy sector, with substantial teams of sector specialists in key locations internationally. This latest deal also follows on from CMS Cameron McKenna acting for Talisman in the disposal of Talisman Denmark Limited earlier this year to Noreco for $83 million."
CMS Cameron McKenna’s Aberdeen office is focused on oil and gas, and includes experts in corporate, banking and finance, health and safety, employment and real estate. CMS’ combined energy practice comprises around 150 partners and associates across Europe.
|