Manchester-based energy business Hartshead Resources has been acquired by an Australian listed giant.
Ansila Energy has completed a deal to buy the remainder of the Levenshulme company in an all-share deal that transforms it into the North Sea's newest gas development company.
Perth-headquartered Ansila Energy already owned 21.6% of the firm, and completion of the deal was announced on the Australian stock exchange ASX on Wednesday.
Fieldfisher, which has offices in London and Manchester, acted for Hartshead Resources on the deal.
Andrew Matharu, chief financial officer of Hartshead Resources, said: “It was a pleasure to work with Brad and his team at Fieldfisher on this transaction who provided us with sound advice and guidance throughout the process.
"The completion of this transaction and capital raise marks a new chapter for Ansila Energy as a gas development company with ready-to-develop projects on the UK Continental Shelf.”
Ansila acquired its initial stake in Hartshead in July 2019, under its previous name of Pura Vida Energy.
Hartshead’s main focus is to develop gas resources as sustainable, low-emission projects.
It was incorporated in 2019 as a special purpose vehicle, with the specific intention to apply for blocks in the southern gas basin in the UK, as the starting point to building a European Energy portfolio.
Brad Isaac, corporate partner at Fieldfisher who advised Hartshead on the acquisition, said: "We are pleased to have closed this transaction for Hartshead, one of a number of clients we act for whose focus is on developing projects in the UKCS.
"The North Sea's southern gas basin has been producing for more than 50 years, however economically recoverable resources remain available to nimble developers.
"While these pockets of gas are not of sufficient scale to attract the oil and gas majors or larger independents that have historically dominated North Sea production, they represent worthwhile opportunities for juniors and smaller independents that are able to execute agile development plans.
"The availability of near-term production opportunities coupled with the sale of assets by incumbent operators is likely to tempt further international developers into the UKCS over the coming decade.
"Oil and gas, coupled with appropriate carbon capture technologies, are expected to remain a vital part of the UK’s energy mix for the foreseeable future, and natural gas in particular is regarded as an important enabler of the transition towards net zero carbon."
