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Clifford Chance cross-practice team advises Salamander Energy plc on successful securities exchange offer from Ophir Energy plc

3 March 2015

Clifford Chance cross-practice team advises Salamander Energy plc on successful securities exchange offer from Ophir Energy plc

A cross-practice team from leading international law firm Clifford Chance has advised Salamander Energy plc on its recommended share exchange acquisition by Ophir Energy plc, which became effective today.

The successful completion of Ophir's recommended offer for Salamander, which was valued on announcement at approximately £314 million, is the final step for Salamander in a long transaction process which included an aborted formal sales process, an agreed asset sale to SONA Petroleum Berhard and, subsequently, interest from multiple potential bidders and a recommended offer from Ophir.

The team was led by Corporate partner David Lewis, supported by Senior Associate James Bole and Associates Ruth Paul, Lucy Hall and Ed Holmes.  The Corporate team worked closely with Sonia Gilbert and Becky Moore (who advised on employee benefits matters), Mike Crossan (who advised on employment issues), Nick Mace and Jemma Dick (who advised on tax aspects) and Simon Sinclair and Paula Popescu (who advised on issues relating to Salamander's convertible bonds)."

David Lewis, Corporate Partner,  comments: "Clifford Chance has been advising Salamander since before its IPO in 2006 and so it is extremely pleasing to have been involved in its sale to another independent oil and gas company. I believe the team at Salamander have secured shareholders a good deal in the current market environment and they have been great to work with - we wish them all the best for the future."