WH IRELAND LIMITED AND ASHFORDS LLP ADVISE WESSEX EXPLORATION PLC ON ITS SUCCESSFUL AIM IPO
Friday 25th March 2011
WWH Ireland Limited (acting as nominated adviser and broker) and Ashfords LLP have advised Wessex Exploration PLC, a UK based hydrocarbon exploration company, on its AIM IPO and placing to raise £3m before expenses. Osborne Clarke advised WH Ireland Limited.
The IPO is the first West Country AIM admission since 2008.
Wessex Exploration PLC is involved in domestic and international exploration, with oil and gas projects in Guyane (formerly French Guiana), Southern UK, Juan de Nova (offshore from Madagascar) and Western Sahara (Northwest Africa).
The funds raised by the flotation will be used to fund the exploration necessary to support Wessex Exploration PLC’s strategy.
Commenting on the deal, Simon Staples, corporate partner, Ashfords LLP, said:
"We are extremely pleased to have worked alongside WH Ireland Limited in advising Wessex Exploration PLC on its successful placing and admission to AIM. This has proved a litmus test for the IPO market which has been significantly affected by the broader global economic turmoil throughout 2009 and 2010. Wessex Exploration PLC's management team is highly regarded in the oil and gas sector which played a large part in being able to complete the South West's first AIM IPO since 2008."
Ashfords' corporate team was led by corporate partner Simon Staples, supported by corporate lawyers Rory Suggett and James Webb.
Patrick Graves, corporate partner, Osborne Clarke, said:
"This is a significant deal for the South West, which also showcases the region's professional advisers."
Osborne Clarke's team was led by corporate partner Patrick Graves, with support from associate Tom Harvey.
John Wakefield, head of corporate finance (Bristol), WH Ireland Limited, commented:
"We are delighted to have been part of a South West team of advisers assisting on the successful placing and admission to AIM of Wessex Exploration PLC and to be associated with the Company as it continues to make further progress. We wish Wessex Exploration PLC's management team every success in proving up the Company’s oil and gas assets."
John Wakefield and Marc Davies of WH Ireland Limited advised Wessex Exploration PLC.
