Ledingham Chalmers finalises second divestment deal for Humber Oil & Gas in just five days
The Scottish full-service law firm has supported client Humber Oil & Gas Limited on its second onshore licence divestment in a fortnight.
In this latest deal, announced on 8 June and negotiated and signed in just five days, Humber Oil & Gas sold its 12.5% working interest in two petroleum exploration and development licences (PEDLs), covering the Wressle Field, to Union Jack Oil plc for a cash consideration of £500,000.
The operator is Egdon Resources and the other licensee is Europa Oil & Gas.
Like the first agreement with Humber Oil & Gas in May, when the privately-owned English company divested its interest in the PEDL183 onshore UK licence to Reabold Resources, the deal was conducted entirely remotely because of lockdown rules. Head of oil and gas, Uisdean Vass and senior associate Jennifer Cham from the firm were involved.
Frazer Lang, Humber Oil & Gas CEO, said: “This is our second deal concluded within two weeks, Uisdean Vass and Jennifer Cham were extremely efficient.
"The time of receiving the offer to getting the deal inked was a week. We are very impressed and look forward to continuing this relationship.”
Zac Phillips, CEO of Oil & Gas Advisors Limited, who provided the commercial advice to Union Jack Oil Plc said: “This is the first time that I have worked across the table from Uisdean Vass, which is novel for me as we have successfully worked together in projects as diverse as a UKCS AIM flotation, a private equity investment in a Texas company producing California onshore crude, a Nigerian rig-sharing contract, an Azerbaijan onshore acquisition and, most recently, the development of Cotton Field for Speedwell Energy Limited.
“Working with excellent professionals like Uisdean and Jennifer, we were able to negotiate and sign an important deal for Union Jack in five days.”