12
World Report - UK & Ireland
White & Case Advises PetroNeft Resources on Sale of License 61 Stake
Global law firm White & Case LLP has advised PetroNeft Resources plc, an oil and gas exploration and production company, on the US$85 million sale to Oil India Limited of a 50 percent non-operating interest in its License 61 project located in Russia's Western Siberia basin.
PetroNeft, which is listed on the AIM market of the London Stock Exchange and on the Irish Stock Exchange Enterprise Securities Market, will remain as operator of Licence 61 and Oil India will be
able to book 50 percent production and reserves from the project. This is the first investment in Russia by Oil
India, the second largest
Government-owned exploration and production company in India.
"We were very pleased to support our longstanding client PetroNeft on this successful transaction," said White & Case partner Marc Polonsky. "The commitment of Oil India and the Indian government towards this joint venture with the company reflects the strength of
The US$85 million investment consists of a US$35 million cash payment, US$45 million of exploration and development expenditure on Licence 61 and a US$5 million performance bonus. The transaction was announced in mid-April and was approved by shareholders in May; Russian regulatory approvals were received in June. The transaction enables PetroNeft to repay its outstanding loans (from Macquarie Bank and Arawak) and to have significant funds available to invest directly in Licence 61 over the coming years.
The team was led by London- and Moscow-based partner Marc Polonsky with support from London associates Natalya Bremen and Adnan Chida and Moscow associates Peter Kotelevtsev, Rimma Izmaylova, Ekaterina Palagina, Ksenia Tyunik, Ekaterina Tulaeva and Alexey Butusov.
BP Refreshes UK Legal Panel
BP Legal confirms the engagement of a panel of leading legal firms following a renewal process started in April 2014. The engagements, starting immediately, are for UK- instructed work covering all aspects of BP's activities. Values were not disclosed.
The 2014 panel consists of Linklaters, Freshfields, Herbert Smith Freehills, Norton Rose Fulbright, CMS Cameron McKenna, Ashurst, Simmons & Simmons, Pinsent Masons, Olswang and Addleshaw Goddard.
A number of additional specialist firms are also being considered for niche roles.
"We've reselected most of the existing panel but we felt it would help us to bring in some new names as we sought competition,
www.lawyer-monthly.com
high quality and value from the UK panel," said Rupert Bondy, BP's Group General Counsel. “We have a good spread of UK-based firms some of whom are familiar with the issues we face and some who we feel will be able to add value in the longer term,” he said. The agreements are for three years, with effect from 1st July 2014.
As part of the process BP held a reverse auction in which all firms were asked to participate. “The auction was very successful,” said Andrew Stewart, Managing Counsel, “and although it was just one part of our process it helped us to benchmark the offered hourly rates to ensure that we had the right spread of capability at different prices.”
the License 61 project and the opportunities for foreign investors in Russia."
Browne Jacobson
secures major health property
client The Top 100 UK law firm, which has offices in Birmingham, Exeter, London, Manchester and Nottingham, has been appointed to the NHS Property Services’ legal services framework panel for local property projects.
NHS Property Services is a private limited company wholly owned by the Secretary of State for Health and was set up to manage estates that were previously owned, leased or managed by Primary Care Trusts and Strategic Health Authorities. It covers some 4,000 properties from GP surgeries and health centres to administrative buildings.
Browne Jacobson is one of nine firms appointed to the framework for an initial period of four years.
Headed by partner Stewart Gregory, the firm’s health property team has extensive experience advising a wide range of NHS organisations and all aspects of their property portfolios, property development schemes and property projects, including complex leasing arrangements and major GP-led health centre development schemes. Over the past year the team has won some notable clients including Lincolnshire Partnership NHS Trust, Rotherham, Doncaster & South Humber NHS Trust and a major estate rationalisation project for East Midlands Ambulance Service NHS Trust.
Dominic Swift, partner and head of property at Browne Jacobson, said: “This is a very important appointment for us and gives us the opportunity to forge relationships nationwide with NHS Property Services.
“We successfully competed with legal practices from across the country to secure a place which is a fabulous achievement and a reflection of the talent and expertise of our property team.
“Our experience of working with NHS bodies across a range of legal disciplines was also a critical factor in our success.”
JULY 2014
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100