Case Studies

Warrego Energy Limited

Piper Alderman advised on the $50m reverse takeover of Petrel Energy Limited, by Warrego Energy Limited.

Team: Christopher Lyons, Sina Kassra

Service: Capital Markets & Capital Raisings | Corporate & Commercial | Mergers & Acquisitions
Sector: Energy & Resources | Oil & Gas

Piper Alderman advised on the reverse takeover of Petrel Energy Limited, by Warrego Energy Limited, a private UK company with oil and gas exploration assets in Western Australia, resulting in a combine entity with a market capitalisation of circa $50m on the ASX. The transaction involved a number of elements including: obtaining relief from the ASX that the transaction would not require shareholder approval, or re-compliance with chapters 1 & 2 of the Listing Rules; consolidation of Petrel Energy’s share capital; and undertaking a capital raising (by way of Warrego notes, Convertible into Petrel shares) to meet the combined entities funding needs in the short term.

Piper Alderman advised on all Australian law aspects of the transaction, including liaising with the ASX.