Wragge & Co's energy and infrastructure finance experts have advised a syndicate of banks on a reserve-based lending facility worth up to $500 million for exploration and production company, Petroceltic International.

Partner Kieron Dwyer said: "This was a fantastic transaction to be involved in. It demonstrates our ability to advise leading lenders in the upstream oil and gas industry on significant exploration and production transactions, especially in emerging markets."

Director Joe Levin added: "The deal cements our relationship with the upstream oil and gas team at HSBC and begins our relationship in this space with IFC, Standard Chartered and Nedbank - all very active and successful oil and gas teams in the market."

Kieron Dwyer led the team, which included Joe Levin and solicitors Fabian Bonavia and Tom Gray. Tax associate Patrick Allan also advised. The team worked closely with HSBC's oil and gas director Ben Halperin and debt finance director Ben Handler, Nedbank's oil & gas principal, Gido Van Graas and in-house counsel Glen Corbett, IFC's principal investment officer Olivier Mussat and associate investment officer Jacco Bakker, and Standard Chartered Bank's Reshma Chandiramani and Peter Arias.

Ben Handler said: "Petroceltic International plc is a key corporate client of HSBC and we are delighted to have worked alongside IFC, Nedbank and Standard Chartered Bank's Oil and Gas Corporate Finance team to deliver this landmark transaction, enabling the company to embark on its next phase of growth. We were pleased with the level of support provided by Kieron, Joe and the rest of the Wragge & Co team, the legal and technical support of whom proved essential in ensuring the efficient and timely completion of this transaction to very challenging timescales."

The transaction involved working with local counsels in 13 jurisdictions and number of parties.

Petroceltic is an upstream oil and gas exploration and production company headquartered in Dublin, Ireland. It has interests in Egypt, Bulgaria, Algeria, Italy and the Kurdistan Region of Iraq. It was advised by Herbert Smith.

Wragge & Co is on HSBC's panel of preferred law firms in the UK. This is the third largest oil and gas deal on which the firm has worked with HSBC. Wragge & Co advised the bank on a $300 million bridge facility for the newly-merged entity of Melrose Resources and Petroceltic International. It also advised on a $50 million borrowing base financing for Toronto Stock Exchange-listed Sea Dragon Energy to fund further development of Sea Dragon's two petroleum concessions in Egypt.

Experienced in upstream oil and gas sector transactions, Wragge & Co's energy and infrastructure finance specialists advise on acquisitions and disposals, and portfolio, project, development and borrowing base financings. Its clients include international, local and multilateral lenders.

They are part of a cross-firm, sector-focused Energy team, which also includes experts in regulatory, construction, corporate, real estate, environmental and planning matters. Legal 500 2012 praised the team's "excellent, and increasingly international" practice as well as its "superb service".

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