DFDL was lead counsel to Pan Orient Energy Corp. (“Pan Orient”) (TSX VENTURE: POE), on the sale of a 50% equity interest in its Bermuda subsidiary Pan Orient Energy (Siam) Ltd. to a wholly owned subsidiary of Sea Oil Public Company Limited (“Sea Oil”), of Thailand, for a cash price of USD 42.5 million, including a working capital adjustment of USD 2.4 million.
Pan Orient Energy (Siam) Ltd. holds Pan Orient’s 100% interest in Concession L53/48 in Thailand. The transaction documentation was signed on 5 November 2014 and the conditions to close were satisfied on 2 February 2015.
Sea Oil is an offshore oil and gas industry company that is listed on the Stock Exchange of Thailand since 2013. The majority shareholder of Sea Oil is the Thai based conglomerate Nathalin Group. It is among the largest independent operators of petroleum and chemical tankers in Thailand and also provides oil floating storage and trading services. Nathalin Group has invested in wind farms, solar energy and power plants.
Pan Orient is a Canadian based oil and gas exploration and production company with operations in Thailand, Indonesia and in Western Canada.
The DFDL team was led by Angus Mitchell, Partner and head of DFDL’s oil & gas division, assisted by Nipaporn Supha-Utchaichan, Senior Legal and Tax Adviser, Chai Lertvittayachaikul, Legal Adviser, and Ivy Liu, Legal Adviser.
DFDL’s Angus Mitchell said “DFDL is pleased to have helped shepherd this transaction through to a successful conclusion in a challenging price environment in the global oil and gas sector”.