Fladgate advised Angus Energy plc on the issue of an unsecured zero coupon convertible note to Bergen Global Opportunity Fund, LP with a nominal value of £3,390,000. The net proceeds of £3 million completed the financing to acquire a 25% interest in, and the operatorship of, the Balcombe licence (PEDL244), from Cuadrilla Balcombe Limited and Lucas Bolney Limited, following agreement between the parties in February 2018.
OGA approval for the acquisition was obtained on 10 May 2018, and on 21 May 2018 the OGA confirmed Angus Energy as the operator of the licence. Angus intends to conduct a well test programme on the Balcombe horizontal well before the end of Q3 2018.
Capital markets partner Paul Airley led the Fladgate team, assisted by finance partner Seetal Modi and corporate associate Victoria Miller.
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