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Kina Petroleum to embark on ‘first of its kind’ re-domiciliation
Teams from Ashurst’s Sydney and Port Moresby offices have advised Kina Petroleum on its proposed re-domiciliation from Papua New Guinea to the British Virgin Islands, which has been dubbed as the first of its kind under a new PNG Capital Markets Act.
Emma Musgrave
Firm: Ashurst (Kina Petroleum Limited)
Value: Undisclosed
Area: Oil and gas
Key players: The Ashurst team was led by Sydney partner Murray Wheater, with support from counsel Michael Dearden, senior associate Samantha Robson and associates Rebecca Beard, Jack Digby and Callum Newson-Brown.
In Port Moresby, partners Tim Glenn and Ian Shepherd led, with assistance from associates Ethel Heagi and Jerome Kadamongariga. Tax advice was provided by partners Peter McCullough and Sanjay Wavde and senior associate Eli Bursky.
Deal significance: If the scheme is approved by shareholders and the PNG courts, Kina Petroleum Corporation will seek a listing on the ASX and POMSoX.
“It has been a privilege for Ashurst’s Sydney and Port Moresby teams to support Kina Petroleum on this major corporate structure, which is a key step [towards] developing its strategic oil and gas assets in PNG,” Ashurst partner Murray Wheater said.
“As this is expected to be the first scheme of arrangement under PNG’s new Capital Markets Act, many novel issues have arisen during the process.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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