27 Feb 2012

Clayton Utz advises Ancon Drilling on divestment and joint venture

Melbourne, 27 February 2012: Clayton Utz has advised Ancon Drilling Pty Ltd ("Ancon Drilling") on the divestment of assets relating to its contract drilling business, and the establishment of an unincorporated joint venture with Geotech Drilling Pty Ltd ("Geotech").

Melbourne Corporate partner Michael Linehan led the Clayton Utz team that advised Ancon Drilling on the negotiations, with support from lawyers Quentin Reidy and Angela Manolakos. Melbourne senior associate Simon Bowden advised on tax-related matters.

The commercial drivers of the parties required the transaction to be completed within a tight timeframe, with the Clayton Utz team working around-the-clock with Ancon Drilling's executive team to get the deal done.

Ancon Drilling operates out of Korumburra in Victoria and Dalby in Queensland, and provides a range of contract drilling services to the mining industry, including Horizontal Directional (HDD), Surface to In Seam (SIS), and Vertical drilling services.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.