Aker Energy AS’s USD 100 million acquisition of Hess Corporation’s interests in Ghana

Slaughter and May, working with Norwegian firm BA-HR, is advising Aker Energy AS on its proposed acquisition of Hess Corporation’s interests in Ghana, consisting of a 50 per cent. participating interest in the Deepwater Tano Cape Three Points (DWT/CTP) block.

The DWT/CTP block covers approximately 2,010 square kilometres, with discovered contingent resources estimated to be 550 million barrels (2C) and a remaining prospective volume upside of approximately 400 million barrels. The total cash consideration for the transaction is USD 100 million, consisting of USD 25 million payable upon closing of the transaction and a further USD 75 million payable upon approval of the plan for development and operation on the DWT/CTP block.

The acquisition is subject to approval from the relevant Ghanaian authorities and other customary closing conditions.

Slaughter and May is advising with a Corporate team led by Hywel Davies (partner, in picture), assisted by Edward Chapman (associate), James Ufland (associate); on Tax is advising William Watson (partner) and Tanja Velling (associate)

BA-HR is acting with a team comprising Stig Klausen Engelhart (partner), Per Aksel Hammer Krog (associate) and Christian Kydland (associate).

Involved fees earner: Stig Klausen Engelhart – Ba-hr; Christian Kydland – Ba-hr; Per Aksel Hammer Krog – Ba-hr; Hywel Davies – Slaughter and May; Edward Chapman – Slaughter and May; James Ufland – Slaughter and May; Tanja Velling – Slaughter and May; William Watson – Slaughter and May;

Law Firms: Ba-hr; Slaughter and May;

Clients: Aker Energy AS;