DW Fox Tucker has successfully overseen one of the largest IPOs of a Chinese company in Australia.
Sino Australia Oil and Gas Ltd (Sino), the Australian holding company of Zhaodong Huaying Drilling Company, was listed on the ASX on 12 December 2013 with an initial investment of over $12M.
“We’re delighted with the outcome,” said Corporate and Commercial Partner Jeremy Rees, who played a lead role in the deal’s completion. Significant assistance was also provided by Partner Brett Thorneycroft and Solicitor Robbie Heaven.
DW Fox Tucker undertook due diligence for the company, as well as advising on governance, acting as intermediary between the company, the ASX and ASIC, and providing input into the preparation of the company’s prospectus.
Sino owns two patented and cost-effective Enhanced Oil Recovery (EOR) technologies suitable for the majority of oil and gas wells in China. The technologies, which facilitate sidetrack drilling techniques, are proven to increase production yields from existing wells by up to 3-5 tonnes per day.
They also provide the capability to recover oil and gas reserves previously thought unattainable, which can extend the life of a well by up to two years.