Clyde & Co has advised New Age (African Global Energy) Limited on the sale and purchase agreement and acquisition financing to acquire a 25% interest in the Marine Block XII Permit and production sharing contract in the Republic of Congo, from Eni the Italian multi-national supermajor.
Commenting on the deal, a New Age spokesperson said: "We are delighted with the acquisition of this superb development asset which adds substantial reserves to New Age's portfolio and is a milestone in the company's growth. This was a complex transaction involving multiple jurisdictions and institutional investors each of whom had differing requirements. The oil & gas team at Clyde & Co led by Mike Wachtel did an excellent job of negotiating and managing some difficult issues, particularly on the financing side. The technical ability of the Clyde & Co lawyers combined with their deep understanding of the international oil & gas industry, familiarity with operating across Africa and pro-active commercial approach was instrumental in helping New Age finalise the deal."
Mike Wachtel, the head of the oil & gas team at Clyde & Co, added "This was a challenging transaction which we enjoyed advising on and we are very pleased for our client. We have worked with New Age for a number of years on many different projects and we look forward to continuing to support the company as it grows."
Clyde & Co's energy team has gone from strength to strength over the past year with ten new energy partners having joined the firm. The team undertakes both contentious and non-contentious work in all areas of the energy sector including upstream, midstream and downstream oil & gas, power and renewables projects through its network of 23 international offices. The firm's full service offering, broad geographic network and clear strategy for expansion in emerging markets such as Africa, make for a powerful offering to clients.