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A BCLP team advised Suncor Energy UK Limited on the divestment of its 26.69 percent working interest in the Golden Eagle Area Development (comprising the producing Golden Eagle, Peregrine and Solitaire fields – the Interests) to EnQuest Heather Limited (a subsidiary of EnQuest PLC) for an initial consideration of $325 million and contingent consideration up to $50 million.

The divestment is structured as a put and call option arrangement on the sale of the entire share capital of North Sea (Golden Eagle) Resources Ltd, a subsidiary of Suncor, which will own the Interests at completion. Completion is anticipated in the second or third quarter of 2021. Suncor’s legal team comprised Peter Duthie (director, Legal Affairs, E&P) and Adam Horne (senior legal counsel, E&P).

Partners John Conlin and Rod Chooramun led the BCLP team, with support from Associate Rohin Ghosh Dastidar and Trainee Hansy Shore. Additional advice came from Partner Richard Harbot and Counsel Victoria Wolf on the tax aspects of this transaction, with Partner Alexander Keepin and Counsel Brian Mulkerrins providing advice on the implications of the Listing Rules.

John Conlin commented, “It was a real pleasure to work with Suncor again on this complex and interesting transaction, which was executed in an efficient manner and in a compressed timescale. Rod and I have worked with Peter and Adam on a number of transactions previously and we strive to operate as an extension to the Suncor team to ensure seamless and expedient advice.”

Rod Chooramun commented, “This is a strategically important transaction for Suncor, and John and I are pleased to be working with the Suncor team to bring this transaction to completion.” 

Peter Duthie and Adam Horne of Suncor commented, “John and Rod have consistently provided top-tier transactional legal advice mixed with a commercial and operational pragmatism that results in a true value-add. The BCLP commitment to quality and dedication to timely response and service continues to exceed expectations.”

This document provides a general summary and is for information/educational purposes only. It is not intended to be comprehensive, nor does it constitute legal advice. Specific legal advice should always be sought before taking or refraining from taking any action.