London—Dentons is advising longstanding client Hurricane Energy plc ("Hurricane), the AIM-listed UK-based oil exploration and production company, on its proposed takeover by Prax Exploration & Productions plc ("Prax"). The terms of the recommended acquisition value Hurricane at up to £249 million. The acquisition is the conclusion to a comprehensive Formal Sale Process.

Prax is a wholly-owned subsidiary of State Oil Limited, which is the ultimate operating holding company of the Prax Group, a leading, British headquartered, international integrated and diversified midstream and downstream energy group. Prax is committed to building a sizeable upstream business in the North Sea, complementing its midstream and downstream activities to create an integrated business, and it is focused on rapidly developing its oil and gas portfolio via acquisitions. The acquisition of Hurricane is the first strategic step, providing a platform from which its upstream division will grow.

Antony Maris, Chief Executive Officer at Hurricane commented, “We are very pleased to have agreed terms for the recommended offer by Prax. Dentons has been a trusted partner of Hurricane for many years and the team has provided invaluable support to us. We are grateful to Darren and the team for their tireless support and expert guidance, and look forward to continuing our work with them as we progress the transaction.”

Darren Acres, UK Corporate partner at Dentons said, "It has been a real privilege to assist our longstanding client on what is an innovative and complex acquisition by a leading energy group.”

The Dentons multi-practice team advising Hurricane was led by Darren Acres, together with Corporate counsel Paul Flynn, Corporate senior associates Simon Mitchell and Nicola Rae, Corporate associates Abby Dorani and Vasilis Andreou, Corporate trainee Emer Lynch, Corporate apprentice Lemuael Kyeremateng, Employment Partner Alison Weatherhead, Employment Counsel Sarah Jackman, Tax partners Alex Tostevin and Lorna McCaa, Tax senior associate Alasdair Graham, Tax associate Ivan Jelocnik, Restructuring partner Neil Griffiths, Restructuring counsel Luci-Mitchell Fry, Restructuring senior associate Mark Price, Restructuring associate Danielle Stanley, Energy senior associate Torquil Law, Regulatory partner Katharine Harle and paralegals Lucy Cleary and Michael Munn.

Dentons has been advising Hurricane since before its admission to AIM in 2014.

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