Reverse takeover of an energy company

Warrego Energy Limited is a next-generation energy business focused on creating maximum stakeholder value. The company operations hinge on applying management skills, technology transfer, and international know-how to manage risk across company assets, attract investors, and access intentional funding sources while remaining lean and focused. 

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 combined entity with a market capitalization of circa $50m on the ASX. 

The transaction involved several 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. Our associates were well-positioned for the task due to their vast experience in capital markets, corporate and commercial law, and mergers and acquisitions.