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Conyers advised BNP Paribas and HSBC on a US$50 million loan facility for TSX-listed oil extraction company Sea Dragon Energy Inc. in the first Middle East oil and gas financing to close since the Arab Spring.
The 5-year senior secured loan will be used to further develop Sea Dragon’s two petroleum concessions in Egypt. The transaction, which closed on September 23, 2011, was highly complex and involved legal advice from Canada, Egypt, Amsterdam, the United Kingdom, and Bermuda.
Veronica Strande and Martin Lane of Conyers’ London office advised BNP Paribas and HSBC (as lenders) on Bermuda law aspects of the transaction. Other firms advising on the transaction include Wragge & Co in London, Hogan Lovells in Amsterdam, Blakes in Canada and Helmy and Hamza & Partners in Egypt.
Conyers has significant expertise in the oil and gas sector, and recently advised investment vehicle Vallares Plc on its planned $4.2bn (£2.26bn) merger with Turkish oil company Genel Energy International, the largest oil producer in the Kurdistan Region of Iraq. Conyers also recently advised London-listed Vedanta Resources Plc in financing a proposed buyout of a 51-60% stake in Cairn India Limited, India’s fourth-largest oil and gas company, for an aggregate consideration of US$8.5 – 9.6 billion in cash, one of the biggest acquisitions in recent years in India.