Shepherd and Wedderburn acts in sale of oil and gas subsidiary

Shepherd and Wedderburn acted for Celtique Energie, a British-based oil and gas exploration company, in the sale of its subsidiary, Celtique Energie Weald, and its 50 per cent interest in UK Weald basin Petroleum Exploration and Development Licence 234, to UK Oil & Gas Investments (UKOG).

The consideration for the sale is £1.75 million, and is payable in a mixture of cash and UKOG shares.

Magellan Petroleum, the owner of the other 50 per cent interest in the licence, has also agreed to sell that interest to UKOG.

UKOG is a London-based oil and gas company with a portfolio of investments in 11 UK oil and gas assets, focussed on the Weald basin in Southern England. The Shepherd and Wedderburn team who advised Celtique Energie included corporate lawyers Stephen Trombala and Tom Swan.