CMS has advised Shell International Exploration and Development Italia on the transfer of 30% of its exploration rights on Bulgarian offshore Block 1-14 Khan Kubrat to the local branch of Australia's Woodside Energy Limited. Herbert Smith and Schoenherr advised Woodside on the deal.
In the end of December 2018, the Bulgarian Government approved partial license transfer from Shell and Development Italia to Woodside. According to CMS, the deal represents the largest farm-in transaction in Bulgaria. It is expected to close in the first quarter of 2019.
The CMS team was led by the Partner Kostadin Sirleshtov and included Senior Lawyer Denitsa Dudevska.
Schoenherr’s team was led by Partner Stefana Tsekova and included Associate Dimitar Kairakov.