White & Case Advises Energean Oil & Gas on £695 Million IPO

Press Release
2 min read

Global law firm White & Case LLP has advised Energean Oil & Gas plc, an independent oil and gas exploration and production company focused on the eastern Mediterranean, on its initial public offering (IPO) on the main market of the London Stock Exchange, which values the company at around £695 million (US$968 million).

"The White & Case team has advised Energean on a strategically significant and substantial listing, the first exploration & production IPO for more than a year," said White & Case partner Allan Taylor, who led the Firm's deal team. "It follows our recent advice to the company on a significant project financing for its flagship Karish and Tanin offshore gas fields development project."

The global offer represents approximately 47.5 percent of the shares in Energean, with the offer price set at £4.55 per share and 152,823,238 shares in issue at admission. Energean will receive around £330 million (US$460 million) in gross proceeds from the global offering, the principal use of which will be to develop the Karish and Tanin gas fields, offshore Israel.

White & Case also advised Energean on the US$1.275 billion Senior Credit Facility led by Morgan Stanley, Natixis, Bank Hapoalim and Société Générale as mandated lead arrangers, which is the primary source of funding for the development of the Karish offshore gas field over the next three years. First gas production is expected in early 2021.

In addition, in February 2018 White & Case advised Energean on an up to US$180 million reserve-based lending facility in relation to its Greek assets provided by the European Bank for Reconstruction and Development, Black Sea Trade Development Bank and Romanian Ex-Im Bank.

The White & Case team in London which advised Energean on the IPO was led by partner Allan Taylor and included partners Laura Sizemore and Tom Bartlett, with support from associates Bob Lehner, Stephen Carlton, Brett Masters, Amelia Smith and Edwina Daws. The Firm's team in London which advised on the project financing was led by partner Tom Bartlett, with support from associates Radhika Wason and Katherine Halliwell.

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