The original next generation law firm, McCarthy Denning, has advised new client Curzon Energy PLC (“Curzon Energy”) in relation to the admission of its shares to the Standard List to trade on the main market of the London Stock Exchange. The company raised gross proceeds of £2.3 million by a placing and subscription at the time of admission.
Curzon Energy aims to be a global energy company which focuses on the exploration, appraisal, and development of oil and gas properties. The company, which listed with a market capitalisation of £7.2m, will establish itself in this area by capitalising on its recent 100% acquisition of Coos Bay Energy LLC, an owner and operator of circa 45,370 acres of coal bed methane (CBM) leases in the US West Coast State of Oregon.
This firm’s work required complex legal advice on both the restructuring and then the acquisition of assets in the US. Chairman and Head of Corporate, Richard Beresford, led the McCarthy Denning team, advising on all English law aspects of the listing, as well as managing the floatation process. Corporate Partner Julia Bracewell (formerly in-house at oil company, BP) had an integral role in the day-to-day running and management of the transaction with Wayne Rapozo, another Partner in the Corporate Team, dealing with the bank financing and working capital issues. Carina Loibl supported the team and acted as Project Manager.
This deal demonstrates McCarthy Denning’s corporate offering in the oil and gas sector, following last year’s advice to independent oil and gas exploration company San Leon Energy PLC, resulting in its re-admission to AIM following the acquisition of a stake in a significant Nigerian oil field. The firm boasts a team of four oil and gas experts and intends to expand that offering further in the near future.
Richard Beresford, Chairman and Head of Corporate at McCarthy Denning, comments:
“We are pleased that Curzon Energy approached McCarthy Denning when deciding to come to London and list on the Main Market. This is an important next step for Curzon Energy as they progress with their very ambitious growth strategy and we look forward to working with them going forward.”
Other parties involved in the deal were SP Angel, who acted as placing agents and will be brokers to the company going forward, and Stoel Rivers of Oregon, who were advisors on matters concerning US law.