Dentons advised Hurricane Energy on its proposed takeover by Prax Group

Dentons advised Hurricane Energy on its proposed takeover by Prax Group

Dentons, a well-established law firm, is providing legal advice to Hurricane Energy plc, a UK-based oil exploration and production company that is listed on AIM, a sub-market of the London Stock Exchange.

The legal counsel is about the proposed acquisition of Hurricane by Prax Exploration & Productions plc.

The acquisition, which has been recommended, values Hurricane at a maximum of £249 million. This acquisition marks the conclusion of a thorough Formal Sale Process.

State Oil Limited wholly owns Prax, a subsidiary, which is the operating holding company of the Prax Group, a reputable British-based international integrated and diversified midstream and downstream energy group.

Prax is dedicated to developing a substantial upstream business in the North Sea to complement its midstream and downstream operations, creating an integrated business. It is also focused on expanding its oil and gas portfolio quickly through acquisitions.

The acquisition of Hurricane represents the initial strategic move in establishing a foundation for the growth of its upstream division.

“We are very pleased to have agreed terms for the recommended offer by Prax. Dentons has been a trusted partner of Hurricane for many years and the team has provided invaluable support to us. We are grateful to Darren and the team for their tireless support and expert guidance, and look forward to continuing our work with them as we progress the transaction,” Antony Maris, Chief Executive Officer at Hurricane said.

Darren Acres, UK Corporate partner at Dentons said, "It has been a real privilege to assist our longstanding client on what is an innovative and complex acquisition by a leading energy group.”

Hurricane Energy received counsel from a comprehensive, multi-disciplinary team at Dentons, headed by Darren Acres, alongside Corporate counsel Paul Flynn, Corporate senior associates Simon Mitchell and Nicola Rae, Corporate associates Abby Dorani and Vasilis Andreou, Corporate trainee Emer Lynch, Corporate apprentice Lemuael Kyeremateng, Employment Partner Alison Weatherhead, Employment Counsel Sarah Jackman.

Tax partners Alex Tostevin and Lorna McCaa, Tax senior associate Alasdair Graham, Tax associate Ivan Jelocnik, Restructuring partner Neil Griffiths, Restructuring counsel Luci-Mitchell Fry, Restructuring senior associate Mark Price, Restructuring associate Danielle Stanley, Energy senior associate Torquil Law, Regulatory partner Katharine Harle, and paralegals Lucy Cleary and Michael Munn also formed part of the Dentons’ team.

Dentons has been advising Hurricane since before its admission to AIM in 2014.