Ashurst acted as international counsel to Serinus Energy Inc, an international upstream oil and gas exploration and production company, on the signature of two loan agreements in the aggregate amount of US$60 million with the European Bank for Reconstruction and Development. The financing will assist Serinus Energy in funding the capital programme being planned for its recently acquired oil and gas fields in Tunisia.

The financing consists of two loans, one in the amount of US$40 million (the 'senior loan') and the second in the amount of US$20 million which can be converted into shares of Serinus Energy (the 'convertible loan'). The senior loan can be drawn in two tranches of US$20 million each and carries an interest rate of Libor plus 6%. Some or all of the convertible loan can be repaid with, or converted into, common shares of Serinus Energy at the then current market price of the shares.

Ashurst oil and gas structured finance partner Huw Thomas led the Ashurst team, assisted by energy associate George May.

Osler, Hoskin & Harcourt LLP advised Serinus Energy on Canadian law.