LONDON — Bracewell (UK) LLP’s role on the legal team that advised Seven Energy Group on its restructuring was named “Restructuring Deal of the Year” at the inaugural IFLR Sub-Saharan Africa Awards.
In 2017, Savannah Petroleum agreed to acquire the assets of the Seven Energy Group, an oil and gas producer in Nigeria. Seven Energy jointly held the Uquo field with its indigenous Nigerian partner, Frontier Oil. The field has both oil and gas discoveries and the Accugas central processing facility (CPF). The CPF was owned by Seven Energy but operated by Frontier. Savannah and Frontier decided Frontier to split the oil and gas operations at the Uquo field, allowing Frontier to pursue the oil opportunities and Savannah to take control of the entire Uquo gas chain.
Bracewell’s Ben James and Lauren Kelsall led the negotiations on various key aspects of the wider transaction on behalf of Savannah over an 18-month period.
The IFLR Sub-Saharan Africa Awards focus exclusively on transactions in the region that break new legal ground, set market precedents or introduce new innovations in deal-making and financing.