The global firm taps its Sydney and Port Moresby lawyers to help with the cross-border deal
Ashurst was the law firm of choice for Kina Petroleum Ltd in the company’s redomiciliation from Papua New Guinea (PNG) to the British Virgin Islands (BVI).
This is the first deal of its kind under the new PNG Capital Markets Act, Ashurst said. The move was done through a “top-hat” scheme of arrangement with BVI-based Kina Petroleum Corp. If approved by shareholders and PNG courts, Kina Petroleum Corp will seek to list on the ASX and the POMSoX.
"It has been a privilege for Ashurst's Sydney and Port Moresby teams to support Kina Petroleum on this major corporate structure, which is a key step toward developing its strategic oil and gas assets in PNG. As this is expected to be the first scheme of arrangement under PNG's new Capital Markets Act, many novel issues have arisen during the process,” said Murray Wheater, Ashurst Sydney partner and head of the firm’s deal team.
He is supported by counsel Michael Dearden, senior associate Samantha Robson and associates Rebecca Beard, Jack Digby and Callum Newson-Brown.
Ashurst’s Port Moresby team is headed by partners Tim Glenn and Ian Shepherd. They are assisted by associates Ethel Heagi and Jerome Kadamongariga.
Partners Peter McCullough and Sanjay Wavde, with senior associate Eli Bursky, provided tax advice.