A team led by Dr. Stefan Duhnkrack and Dr. Katharina Prasuhn advised RDG GmbH & Co. KG, Hanover, Germany (RDG) on the acquisition of upstream oil assets by acquiring all shares in Lingen-based Kimmeridge GmbH. RDG is a joint venture between Petroleum Equity, London, and Rohöl-Aufsuchungs Aktiengesellschaft (RAG), Vienna, Austria. Seller of the upstream oil portfolio is a fund held by U.S. private equity firm Kimmeridge Energy Management Company, LLC, New York. The purchase price was not disclosed.
In addition to assets already transferred by RAG to the joint venture, RDG now holds four exploration permits in the Lower Saxony basin, Germany's largest oilfield. The permit areas have considerable potential for development, since they contain conventional oil fields that were decommissioned more than 25 years ago because of the low oil price at the time and the technologically low potential for further exploitation. RDG now needs to restart production in the permit areas and to extract the potential.
Counsel to RDG GmbH & Co. KG
Heuking Kühn Lüer Wojtek:
Dr. Stefan Duhnkrack (Lead, M&A),
Dr. Katharina Prasuhn (M&A),
Tim Petermann (Commercial), all Hamburg
Dr. Markus Collisy (Public Law),
Cedric-Pierre Vornholt (Public Law), both Frankfurt