AG's Energy & Utilities team advised Waldorf Production on the acquisition Endeavour Energy UK, a UK corporate with production through its non-operated interests in the Alba, Bacchus, Bittern, and Enoch fields.
This was a highly complex cross border transaction and AG advised on all aspects of the transaction including the Acquisition, debt from Sculptor Capital Management and equity funding from a consortium of Norwegian Investors, and also liaising with the UK regulator - the Oil & Gas Authority (OGA).
David McEwing, Lead partner on the transaction commented:
"This is a highly significant transaction given the macro economic and political factors in play such as the price of a barrel of oil, Brexit and policy concerns around the main UK political parties potential manifesto propositions. There are still some first class assets and infrastructure in the UK Continental Shelf and this transaction indicates confidence to invest and the ability to attract capital. We continue to see new entrants to the basin, like Waldorf. We expect to see more operational activity following such acquisitions and a rise in E&A activity. This is a good sign for the energy industry and the economy of the UK as it illustrates that the North Sea continues to provide significant opportunities for new and ambitious exploration and production companies.
At AG we have such a diverse range of skills and experience across the energy spectrum and a portfolio of clients that reflect this. This deal further strengthens our market position in Energy. The AG vision is to be an established international energy player and have a team that reflects the new global reality where low carbon sits equally with hydrocarbon, all whilst doubling our income by 2021 and with transactions of this scale and significance we are making significant strides in pursuit of that objective."