Energy lawyers at national firm Bond Dickinson have advised long-standing client Sumitomo Corporation, one of the World's largest integrated trading companies, on the sale of Summit Petroleum Limited and its subsidiary companies to Ithaca Energy for US$ 170 million.
Ithaca Energy has acquired interests in three producing UK on shore and off shore oil fields, Pierce, Cook and Wytch Farm. The transaction completed on the 31 July.
Bond Dickinson also advised on the pre-sale reorganisation, under which other UK interests, including in the Elgin-Franklin field, were transferred to a new Sumitomo subsidiary, Summit Exploration and Production Limited, retaining the staff and head office of the London operation.
Bond Dickinson's Corporate Finance Partner Simon Hewes led the corporate team who advised Sumitomo on this transaction. He was assisted by Corporate Finance Senior Associate Joe Lewis and Oil & Gas Associate Laura Petrie, with assistance from real estate, employment, tax and other specialist lawyers. Oil & Gas Client Partner Stuart Carter commented: "We are very pleased to have worked with Sumitomo Corporation for a number of years and we were delighted to advise them on this successful reorganisation and divestment."
Bond Dickinson has an established track record of advising high-profile international oil and gas companies on M&A transactions, including divestments and pre-sale reorganisations, combining specialist oil and gas and corporate legal expertise and experience.
Adapted from a press release by David Bizley