Bird & Bird's Warsaw office has advised BNK Petroleum Inc., a North American oil & gas enterprise listed on the Toronto Stock Exchange, on the shutting down of its operations in Poland.
As part of the process, Bird & Bird advised on two now-successfully-closed M&A transactions in which BNK disposed of its Polish natural gas exploration SPVs by selling them to an unidentified Polish privately held capital group that is increasing its oil & gas industry presence. Apart from the general corporate and M&A work, Bird & Bird's advisory also entailed complex restructuring of the SPVs, as well as restructuring of the asset portfolio.
According to Bird & Bird, BNK "had been very active [in Poland] since 2009 having drilled several oil & gas exploration wells, as well as acquiring hundreds of kilometers of seismic data."
Bird & Bird's key lawyers involved in the transactions and the overall shutdown process were Counsel Andrzej Nentwig, who commented that "much as it is unfortunate to see another upstream oil & gas investor leave Poland, it was nonetheless a great pleasure representing BNK Petroleum Inc. in a deal that confirms our in-depth expertise in the oil & gas industry in Poland.
Nentwig was assisted by Bird & Bird Partner Rafal Dziedzic, Senior Associate Andrzej Walkiewicz, and Associate Lukasz Petelski.