CMS has advised Nedbank Limited, London Branch in relation to a reserve based lending facility for Verus Petroleum, used to part fund the completion of Verus’ acquisition of Maersk Oil’s 9.8% interest in the Boa oil field, located on the UKCS.
Commenting on the deal, Verus’s CEO Alan Curran said:
“Verus is pleased to have completed the Boa transaction and to have put in place the RBL to support this and future transactions. The Boa acquisition is consistent with the Verus strategy of expanding our production base and cash flow. After two years of working through the industry downturn this milestone acquisition trebles the company’s production and, together with the RBL facility, sets us up for further deals over the coming months.”
The CMS team was led by London based energy finance partner Nicholas Ross-McCall and included, in Edinburgh, a team led by Jenny Allan and Gordon Hay, and, in Aberdeen, a team led by Norman Wisely.
Nicholas Ross-McCall commented:
“We were delighted to assist Nedbank with this well-structured deal to support Verus both with its existing portfolio and on its future expansion plans. The transaction played well to CMS’ oil & gas strength in London and Scotland and evidences that there is plenty of life left in the North Sea.”
Christopher Coombs, principal, oil & gas at Nedbank Limited commented:
“Our Corporate and Investment Banking team is very pleased to have closed this milestone transaction for Verus. We were impressed with the efforts of CMS in facilitating its successful completion in a challenging timeframe.”