NEWS

Allens acts on significant capital raising to fund PNG gas acquisition

By Julian Donnan, Richard Kriedemann
Asia Capital Markets Oil & Gas Papua New Guinea Resources

Allens has acted for Papua New Guinea's largest oil and gas exploration and development company Oil Search in the funding of its acquisition of a share of the largest undeveloped gas resource in PNG.

Under the deal, Oil Search has entered into an agreement to purchase a 22.835 per cent interest in PRL 15, containing the Elk/Antelope gas discoveries.

The funding involves a A$1.225 billion placement to the PNG Government, giving it approximately a 10 per cent stake in the company and building on the strategic relationship between Oil Search and the PNG Government.

The Allens team, led by Partners Julian Donnan and Richard Kriedemann, advised Oil Search on the capital raising.

Mr Donnan said Allens were pleased to assist Oil Search in funding this significant acquisition.

Allens legal team

Julian Donnan (Partner – Sydney); Richard Kriedemann (Partner – Sydney); Kirsty Moore (Senior Associate – Sydney)

Ends

Notes for editors.

Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.