International law firm Dechert LLP advised Chrysaor E&P Ireland Limited, a subsidiary of long-standing firm client Chrysaor Holdings Limited, an independent exploration and production company focused on developing and commercializing oil and gas discoveries in the UK North Sea and Ireland, on its farm-out agreement with Capricorn Ireland Limited, a subsidiary of Cairn Energy PLC. Capricorn will acquire the rights to obtain a 38% interest in its two Frontier Exploration Licences 2/04 and 4/08 and in the Licensing Option 11/2 in Quad 35 offshore west of Ireland by paying 63.3% of future exploration costs for up to two wells, subject to a cap.
It is anticipated that, subject to Irish government approval, Capricorn will become Operator. Chrysaor will retain an up to 36% interest, with interests also held by Providence Resources plc and Sosina Exploration Limited.
The Quad 35 Area contains two proven discoveries (the Spanish Point gas/condensate field and the Burren oilfield) plus multiple other prospects and leads.
The Dechert London team advising Chrysaor was led by corporate, energy and private equity partner Jonathan Angell, who was assisted by associate Amy Grammer.
Jonathan has advised Chrysaor since its inception, including on its June 2011 sale of a 60% stake in the Solan oilfield west of the Shetlands to Premier Oil plc.
