bpv GRIGORESCU STEFANICA advised Key Petroleum Ltd on the acquisition of Zeta Petroleum Ltd and its Romanian subsidiary, Zeta Petroleum Romania.4 May 2011
bpv GRIGORESCU ŞTEFĂNICĂ has successfully advised Australian Key Petroleum Ltd for the acquisition of 100% of the issued capital and assets of Zeta Petroleum Ltd, sole shareholder of Zeta Petroleum Romania. The initial consideration payable for the acquisition is AUD$12.74 million. The deal also includes two additional payments upon operational milestones.
This acquisition provides Key Petroleum’s access to estimated reserves of 58 billion cubic feet of gas in Romania and 1 to 4 million barrels of oil, as well as to prospective resources of gas of over 300 billion cubic feet.
The project was completed by a team lawyers coordinated by Cătălin Grigorescu, with major involvement of Cristina Randjak and Nicolae Ursu, senior associates.
Legal work covered a complex due diligence investigation and report on Zeta Petroleum’s appraisal and exploration assets in Romania. The lawyers’ team has also provided legal advisory services for drafting and negotiation of relevant transaction documents.
The Mergers and Acquisitions practice of bpv GRIGORESCU ŞTEFĂNICĂ accounts for more than 30% of the firm’s overall practice.
Key Petroleum Ltd (ASX Code Key) is an Australian company with core operations in Australia, United King-dom, Suriname and Tanzania.
Zeta Petroleum Ltd is an United Kingdom oil and gas exploration and development company, established in 2005, with a focus in CEE. Zeta has significant Romanian assets portfolio located onshore Romania: Bobocu, Jimbolia and Padureni.