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Memery Crystal advises 88 Energy on farmout of Project Icewine to Premier Oil

03/09/2019

At a glance

Memery Crystal has advised 88 Energy on a deal which saw it and Burgundy Xploration farmout 60% of their interest in Area A of Project Icewine, a conventional oil prospect in the Alaska North Slope basin, to Premier Oil.

On August 22 2019, each of 88 Energy Limited (AIM: 88E / ASX: 88E) and Burgundy Xploration LLC farmed out 60% of their interest in Area A of Project Icewine, a conventional oil prospect in the Alaska North Slope basin, to Premier Oil plc (LSE: PMO). Memery Crystal were advisers to 88 Energy on the transaction.

88 Energy will retain a 30% interest in Area A, while its existing partner Burgundy Xploration will continue with a 10% stake.

Pursuant to the farmin, Premier will pay the full costs of the appraisal well to test the reservoir deliverability of the Malguk-1 discovery (US$23 million), to be tested in Q1 2020.

The Memery Crystal team consisted of Corporate Partner, Michael Dawes and Solicitor, Thomas Grace.

Michael Dawes commented: “We are delighted to have advised our new client 88 Energy on this important transaction which will facilitate the development and continued appraisal of Project Icewine”.  

About Memery Crystal
Memery Crystal is a specialist international law firm based in London with a well-established history of acting for clients in the corporate sector.
Our firm works internationally with businesses in the oil & gas, mining and renewable energy markets. At the top-end, our clients include FTSE main market-listed companies.

Our corporate finance and ECM teams advise on public and private equity and debt finance for natural resources companies and investors, as well as M&A and strategic investments and disposals.

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