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 International Exploration 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 Associate Denitsa Dudevska.
Schoenherr’s team was led by Partner Stefana Tsekova and included Associate Dimitar Kairakov.
Editor’s Note: After this article was published CMS announced that the firm also advised Repsol Bulgaria on the partial license transfer of Khan Kubrat block. Also, CMS reported that, on February 20, 2019 the Bulgarian Government approved the farm-out transaction, allowing Shell to hold 50% of the interest in Khan Kubrat block, with Woodside holding 30%, and Repsol the remaining 20% in the permit.