CMS has supported both Shell and Repsol on negotiations for and the transfer of 20% of Shell’s interest in the Khan Kubrat block, offshore Bulgaria, to Repsol Bulgaria Khan Kubrat S.A
According to CMS, the farm-out transaction was approved by the Bulgarian Government on February 20, 2019, thus allowing Shell to hold 50 % of the interest in the Khan Kubrat block, with Woodside holding 30% and Repsol holding the remaining 20% in the permit.
CMS advised Shell as of the start of the project, the acquiring of the permit for prospecting and exploration and on its subsequent transfers. CMS also advised Repsol during the transaction including on various corporate, regulatory, and tax matters.
CMS's teams were coordinated by Partner Kostadin Sirleshtov and included Associate Denitsa Dudevska, who was a CMS project manager for Shell, and Associate Raya Maneva, a CMS project manager for Repsol.