Fladgate has advised oil and gas exploration and production company Caspian Sunrise plc (LON:CASP) on the acquisition of the “Caspian Explorer” for a total consideration of US$25 million payable in shares. The “Caspian Explorer” is a vessel capable of drilling exploration wells in the extremely shallow waters of the Caspian Sea.
Caspian Sunrise has focused exclusively on on-shore exploration and production, and the acquisition of the “Caspian Explorer” will enhance the company’s opportunities to participate in offshore blocks in the Northern Caspian Sea as well as potentially creating a new revenue stream by contract drilling for third parties.
Lead Partner Paul Airley said, “Caspian Sunrise is a longstanding client that I have had the pleasure to work with for many years. This transaction is particularly significant for the company as it is a first step in diversifying the company’s assets and revenue streams.”
Paul was supported by Associate David Baverstock.
Fladgate has a strong track record in advising on transactions in Central Asia, and has recently acted on a variety of matters in the energy and resources space, including: