Herbert Smith Freehills has advised oil and gas exploration company Aurelian Oil & Gas on the successful outcome of its strategic review resulting in a £150 million all-share merger with Irish-based San Leon Energy, also an oil and gas exploration company; both companies are admitted to trading on AIM.
The merger with San Leon brings to a successful conclusion Aurelian’s strategic review, announced in February this year, where options including the sale of its assets, or the merger or sale of the company were also considered.
The cross-practice team at Herbert Smith Freehills team was led by Corporate partners Mark Bardell and Steven Dalton, with assistance from Max Neuberger and David Stinson. Specialist advice was provided by Mark Ife and Bradley Richardson (employee incentives), Peter Frost, Niall Pelly and Jenny Andrews (employment) and Howard Murray and Michael Alliston (tax).
Mark Bardell commented, “The merger creates an exciting proposition, consolidating two upstream independents with particular strengths in unconventional gas in Europe, a sector in which there is likely to be more merger activity. It is also gratifying to have worked through this thorough strategic review for much of this year, it is a real achievement for all involved“.
San Leon, also a client of Herbert Smith Freehills, was advised by Travers Smith on this occasion due to the conflict.
