Expert Petroleum, a Romania-based oil and gas company focused on the rehabilitation of mature oil and gas fields, said it would receive $25 million from Lime Rock Partners, US-based energy-focused private-equity investment company.
The $25 million staged equity investment from Lime Rock Partners will fund further appraisal, workover, and drilling activities on Expert Petroleum’s assets.
Lime Rock Partners was represented in the transaction by Vinson & Elkins LLP out of its Dubai office and Nestor Nestor Diculescu Kingston Petersen. Expert Petroleum was advised by The Sanad Law Group in Jordan and Varinia Radu in Romania.
Lime Rock’s initial $25 million commitment to Expert will be phased in over the next two years as needed, and Lime Rock will potentially invest more in the company depending on Expert’s ability to capture opportunities to accelerate its value creation and growth.
The Lime Rock Partners investment in Expert is the firm’s sixtieth investment in a global energy company since its formation and the first to be executed from the firm’s Dubai office, which is led by longstanding Lime Rock veterans Saad Bargach and Rob Willings.
Part of the Jordan-based NT&S Energy group, Expert Petroleum has acquired eight mature field licenses in Romania and is applying leading-edge field redevelopment and rehabilitation technology to those licenses to restart oil and gas production.
The Lime Rock and Expert teams continue to work together to identify other investment opportunities, including accelerating development of Expert’s current licenses, acquiring new production licenses, and forming innovative partnerships with leading regional oil and gas producers to jointly rehabilitate and redevelop mature oil and gas fields.
“This is a very important day in the history of our company. For the last five years, we have carefully ass
