The transaction completed on 5 April 2013, following the ratification of an amended and restated PSC by the Liberian Legislature. Contracts were originally exchanged in 2011 and the last 2 years have seen significant efforts from all parties to reach completion.
The deal will see COPL’s subsidiary having a 20% working interest in Block LB-13 and ExxonMobil Exploration and Production Liberia Limited as operator having an 80% working interest.
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Block LB-13, which covers an area of approximately 2,500 square kilometres, has been contracted by Peppercoast since 2007 pursuant to the PSC with the National Oil Company of Liberia.
Speechly Bircham has acted for Peppercoast Petroleum Plc since 2010. The Speechlys team, advising Peppercoast on the transaction, was led by corporate partner, Andrew Clarke and senior associate David Coates (corporate), alongside Robert Birchall (tax) and Amelly Kok (corporate).
Edward Dawson, Managing Director of Peppercoast, commented: "we have worked very closely with the team at Speechlys on this transaction since our restructuring and equity fundraising in early 2011. At all times they have guided us efficiently and effectively through the labyrinth of legal agreements which were required to bring this transaction to fruition for the benefit of Peppercoast’s creditors and shareholders, and we look forward to working with them on other projects in the future."
Andrew Clarke said "We are delighted to have advised Peppercoast on the successful completion of this transaction. The sale of Block LB-13 marks the end of an interesting and ultimately successful period for the company."
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