The deal “could play a critical role in helping to ease the supply issues expected to impact the east coast by 2024,” the firm’s lead partner says
Johnson Winter & Slattery (JWS) has played a role in a potential “company making” oil and gas transaction, advising 3D Oil Limited on the farmout of a chunk of interest in one of its projects.
3D Oil entered into a farmout agreement with ConocoPhillips on an 80% interest in the former’s T/49P exploration permit in the Otway Basin. The deal involves the “negotiation and execution of a joint venture operating agreement to govern 3D Oil’s relationship with ConocoPhillips in relation to the undertaking of exploration, development and production activities going forward,” JWS said.
Having received the approval of the National Offshore Petroleum Titles Administrator on the transaction, ConocoPhillips can proceed with a seismic survey and a subsequent potential exploration well in 2022.
“We are delighted to support 3D Oil Limited on this important transaction, which could play a critical role in helping to ease the supply issues expected to impact the east coast by 2024,” said JWS lead partner Peter Rose.
Rose worked together with associate Cloe Woodward, with additional advice from partner Craig Wappett in relation to the security aspects of the deal.
Rose also took the lead on another deal in the energy and resources sector, heading up JWS’s team in providing advice to GB Energy Holdings Limited on the development of a proposed underground storage facility for natural gas in the Golden Beach gas field. The field is situated around 4km from the Gippsland coast in Victoria.
Rose said that he and his team, composed of partners Wappett, John Keeves, Peter Smith, Paul Turner and Andrew Wilton, assisted on legal and regulatory aspects such as land access, native title and “various agreements for the supply of equipment and services.”
The team also advised GB Energy as it entered into a non-binding but exclusive transaction process deed with Australian Gas Industry Group (AGIG).
“The agreement sets out the process for negotiating and drafting documentation pursuant to which AGIG will fund, build and operate the midstream infrastructure for the project,” Rose said.
JWS also helped GB Energy in its capital raising and debt financing efforts, and in negotiating and drafting gas sales and storage agreements with Origin Energy, the project’s foundation customer.
Peter Rose
