28 August 2008
Sydney, 28 August 2008: Clayton Utz has advised Australian Worldwide Exploration (AWE) on its successful merger with ARC Energy and the demerger of Buru Energy Ltd.
The $2.5 billion merger was implemented by scheme of arrangement, with ARC Energy's Western Australian Canning Basin assets spun-off into a new company called Buru Energy.
Energy and resources partner Susan O'Rourke led the team advising AWE on the merger and was supported by a strong cross-specialty team which included partners Wally McDonald, Mark Paganin, John Oakes, Luke Buchanan and Mark Williamson.
Ms O'Rourke said the Clayton Utz team worked closely with AWE to structure the acquisition, undertake due diligence, negotiate the scheme documentation, obtain regulatory and court approvals and implement the merger.
"The deal was unusual in that it involved the creation of a demerged spin-off vehicle for the Canning Basin exploration assets. This feature is unusual as an adjunct to a scheme," she said.
"The merger will make AWE the leading mid-tier oil and gas company listed on the ASX."
The deal reached financial close on 25 August 2008.
