Orrick is advising Kistos on a conditional asset purchase agreement and a conditional share purchase agreement with TotalEnergies S.E. (“TotalEnergies”) to acquire a 20% interest in the Greater Laggan Area ("GLA") producing gas fields and associated infrastructure. The agreement also includes various interests in certain other exploration licenses, including a 25% interest in the Benriach prospect.
The agreement includes provisions for Kistos to acquire 20% working interests in the producing Laggan, Tormore, Edradour, and Glenlivet gas fields, located offshore the UK West of Shetland, as well as a 20% interest in the undeveloped Glendronach gas field. The total upfront consideration for the acquisition, subject to completion adjustments, is $125 million.