Ashurst advises on farm-out of 50% stake in Barryroe Field in Ireland

The Barryroe oil and gas field is one of the largest undeveloped oil and gas fields in Europe and, fully developed, the field is expected to support energy security in Ireland and the government's commitment to a carbon neutral economic by 2050.

The Ashurst team was led by partner Michael Burns, supported by partner Huw Thomas, senior associates Grace Rackham, Naomi Nguyen, Marianna Kennedy, Rodrigo Romero Hidalgo and associate Chloe McWeeny. Strategic advisory partner Tom Cummins and associate Lucy McKenzie, and tax partner Tim Gummer also advised.

Commenting on the transaction, partner Michael Burns said:

"Once onstream the Barryroe field should provide a key energy source for Ireland as part of the move to net zero. We're very pleased to have worked with longstanding clients Providence and Lansdowne to announce the signing of a deal with SpotOn."

Commenting on the Ashurst team, Alan Scott Linn, CEO of Providence said:

"The Ashurst team's ability to translate innovative transaction structuring into deal documentation on a speedy timeline was fantastic. The team worked collaboratively with all stakeholders to get to signing and always had an eye for the bigger picture, including important industry trends such as the energy transition and how the Barryroe field development forms part of that for Ireland."