May 11, 2004 – LAWFUEL – Allen & Overy has advised the mandated lead arrangers ABN AMRO Bank N.V. and BNP Paribas S.A. on the provision of a US$300 million borrowing base acquisition facility to Tullow Oil plc to part finance its acquisition of Energy Africa Limited.
Energy Africa Limited is quoted on the South African and Luxembourg stock exchanges and has oil and gas interests in several African countries including Gabon, the Republic of the Congo and Equatorial Guinea. Its acquisition by Tullow Oil plc, which is itself listed in Dublin and London, will create one of the largest oil firms focussed on West Africa.
Tullow Oil plc has raised other funding for the acquisition through the issue of new shares worth approximately £120 million.
Projects partner Calvin Walker led the transaction, with assistance from associate Sonia Tredwell.
Norton Rose advised Tullow Oil plc and Ashurst Morris Crisp advised ABN AMRO Bank N.V. in its capacity as financial adviser to Tullow Oil plc.
Commenting on the acquisition, Calvin Walker said:
“We are delighted to have been involved in this important transaction which will enable Tullow to expand and develop its exploration and production activities in West Africa, complementing its current portfolio of interests which are largely UK based.”
For further information, please contact Caroline Davies
(caroline.davies@allenovery.com) in London on +44 (0) 207 330 2867.
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