Herbert Smith Freehills has advised Citigroup, Morgan Stanley and Stifel as joint global coordinators and joint bookrunners, Citigroup and Morgan Stanley as joint sponsors and RBC Capital Markets, Natixis and Societe Generale Corporate & Investment Banking as joint bookrunners on the English/US aspects of the £330 million (US$460 million) IPO of Energean Oil & Gas plc and its premium listing on the London Stock Exchange.
Energean is an independent oil and gas exploration and production company focussed on the Eastern Mediterranean, including Greece, Israel, the Adriatic and North Africa. Its current operations are in Greece but the proceeds of the initial public offering will largely be used to fund its ambitious investment in the development of the Karish and Tanin gas fields offshore Israel, the recent discovery of which, together with other offshore fields, have transformed the oil and gas industry in Israel.
The transaction also featured among an increasing number of issuers with operations largely outside the United Kingdom that have sought to list their shares on the premium segment of the London Stock Exchange.
The Herbert Smith Freehills team was led by Head of US Securities Tom O'Neill and Head of ECM Charles Howarth in London. They were assisted by associates Dennis Hermreck, Katie Green, Thomas Vaughan Elizabeth Reside and Beatrice Kelly.
"An IPO is always a transformational event but this was even more so in the case of Energean given the complementary corporate and financing transactions for the field development plan that were executed in connection with the IPO. We were very pleased to be involved in this transaction and wish this ambitious company the best of luck in the execution of its strategy."
White & Case was Energean's English/US counsel and Charalambides & Partners Law Firm was the Company's Greek counsel. Meitar Liquornik Geva Leshem Tal Law Offices was the Company's Israeli counsel. Papapolitis & Papapolitis and Goldfarb Seligman & Co. were the Greek counsel and Israeli counsel to the Banks respectively.