Walkers, a leading international law firm, in conjunction with Fasken Martineau and Loyens & Loeff N.V., advised Oando PLC., a leading Nigerian integrated energy group, on the reverse takeover (“the RTO”) of Oando Energy Resources Inc. (previously known as “Exile Resources Inc.”) (“OER” or the “Corporation”) (TSXV: ERI). The RTO was preceded by the acquisition by OER of equity interests in certain entities in the upstream exploration and production division of Oando PLC. (the “Acquisition”) and certain related matters (collectively, the “Restructuring”).
Walkers, led by European-based Partner Jack Boldarin who worked with associate Johanna Hendry, provided British Virgin Islands law advice on the Restructuring in respect of Oando PLC's BVI subsidiaries. The Fasken Martineau team was led by Partners Abayomi Akinjide and Jodi Katz with support from associate Zehra Kasapoglu and the Loyens & Loeff N.V. team (who provided Dutch legal and tax advice) consisted of Wendy van der Starre , a senior associate, Erik ten Vergert , an associate and Merije Phaff, an associate . Ayotola Jagun and Ngozi Okonkwo provided group governance and legal support respectively for Oando PLC.
Prior to the completion of the RTO, Exile Resources Inc. was a Canada-based public company listed on the Toronto Venture Exchange and whose primary asset was a 10% working interest in the Akepo oil field located in OML 90 in Nigeria where it is a joint venture partner with Oando, which owns a 30% interest in the field and is the technical partner.
It is expected that the newly created OER will produce over 4,200 barrels of oil a day and will enable Oando PLC to develop its energy portfolio.
Jack Boldarin, Partner, Walkers, said “This has been a tremendous deal to work on, and we are delighted to have been chosen to advise on the BVI aspects of the restructuring; showcasing Walkers expertise and experience in acting on transactions in Nigeria using offshore vehicles.”