19 November 2013
Watson, Farley & Williams Asia Practice, Singapore (“WFW”), a leading international law firm, is pleased to announce that it has advised AIM-listed, Matra Petroleum Plc (“Matra”) through its wholly-owned subsidiary, Matra Petroleum U.S.A., Inc. (“Matra USA”) on entering an agreement allowing it to make a series of investments into the US onshore oil and gas sector (the “Purchase Agreement”).
WFW Singapore advised on the Purchase Agreement, which allows Matra USA to acquire up to 38,746 net acres across 50 leases in the Texas Panhandle through a series of investments. The 50 leases have 221 existing wells and an estimated 379 locations for new wells. Current production across the leases is approximately 60 barrels of oil equivalent per day.
Matra USA are assessing whether to undertake a phased acquisition of the interests through a joint venture vehicle. An initial investment of US$1.5 million has been made and a further two phases are expected to be completed by the second quarter of 2014.
The WFW team was led by Singapore-based partner Chris Kilburn who was assisted by associates Gareth Burge and Kim Farrar and trainee Will Wyatt. Porter Hedges in Houston and Sprouse, Shrader, Smith in Amarillo also advised Matra on local law issues.
WFW partner Chris Kilburn said: “Having worked with the Matra team on the sale of its Russian assets in June, we have since been helping them implement the company’s investment strategy through a US joint venture arrangement. This transaction provides Matra with the opportunity to scale up its interest in these onshore US oil and gas assets through a series of phased investments as it seeks to grow into a mid-sized independent E&P company.”