Conyers has advised Chrysaor, the UK’s leading independent North Sea oil and gas group, on its proposed merger with Premier Oil plc through a reverse takeover. The transaction, which is subject to regulatory approvals and approval by Premier’s shareholders and creditors, will create the largest independent oil and gas company listed on the London Stock Exchange.
Chrysaor is backed by Harbour Energy, a global energy investor founded and managed by EIG Global Energy Partners. Under the terms of the debt-for-equity agreement, Chrysaor will own at least 77% of the combined group, with creditors taking the second-largest share of the company at 18%. Premier’s existing shareholders will own just under 6% at the conclusion of the transaction.
The cross-practice team at Conyers, who advised on the Cayman law aspects of the proposed merger, was led by Corporate partner Craig Fulton with support from Restructuring partner Ben Hobden. They were supported by Corporate Counsel Alex Davies and Barnabas Finnigan and Corporate Associate Philippa Gilkes. Conyers worked closely with the onshore team at Clifford Chance in London who are managing the transaction for Chrysaor.