PTTEP acquires remaining 60% interest in Statoil assets

PTTEP Canada Limited completed its acquisition of the remaining 60 per cent ownership interest in the Thornbury, Hangingstone and South Leismer oil sands areas from Statoil Canada Ltd., in exchange for PTTEP Canada Limited selling to Statoil Canada Ltd. PTTEP's remaining 40 per cent ownership interest in the Leismer and Corner projects, and approximately US$200 million in cash plus a working capital adjustment. Statoil now owns and operates 100 per cent of the Leismer and Corner development projects, while PTTEP owns and operates 100 per cent of the Thornbury, Hangingstone, and South Leismer areas.

PTTEP was represented by Stikeman Elliott LLP with a team including Lawson Hunter, Michael Kilby and Marisa Muchnik (Investment Canada and competition); Chris Nixon, Ben Hudy and Kurtis Reed (M&A) and Douglas Richardson (tax). PTTEP was also represented in-house by Utchariya Earn Yodpet and Yongsith Kosawititkul.

Statoil was represented in-house by Glenn Smyth and Amanda Field, and by Bennett Jones LLP with a team led by Jean-Pierre Pham (oil and gas) and that included Robert Booth (oil and gas), Donald Greenfield (Investment Canada), Greg Johnson and Robert McCue (tax); Brad Gilmour (regulatory), Martin Kratz (intellectual property), Beth Riley (competition) and Ashley White (oil and gas).