Bird & Bird have advised AIM and ASX listed oil and gas explorer, 88 Energy, on a Farm-In Agreement in relation to the highly prospective Owambo Basin in Namibia. The arrangement, which is with licence holder Monitor Exploration, allows 88 Energy to earn up to a 45% non-operated working interest in onshore Petroleum Exploration Licence 93.
88 Energy is an Alaska-focused oil and gas company based in Western Australia. This deal will expand 88 Energy’s footprint beyond Alaska and into southwest Africa. Monitor Exploration is a UK private exploration company, established in 2018, for onshore Oil and Gas exploration in Africa.
Michael Dawes, partner from Bird & Bird’s Corporate team said: “We are very pleased to have worked alongside long-standing client 88 Energy on their Farm-In Agreement with Monitor Exploration. Historically, we have advised 88 Energy on equity capital markets transactions, but this project gave our global energy team the opportunity to demonstrate their expertise in advising on sector-specific commercial contracts.”
The Bird and Bird team consisted of Michael Dawes (partner, Corporate), Dániel Arányi (partner, Energy) and Fiona Mcfarlane (legal director, Corporate).
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