New, I think.

Finance for exploration and development, Coastal Oil & Gas and UK Methane Acuity Energy experts, Christian Farrow and Jon Lawley, advised the sellers and long standing clients, Coastal Oil & Gas Limited and UK Methane Limited(the Gas Companies). The transaction saw Gas Exploration Finance Limited (GEF) purchased from its existing owners in consideration for the issue of shares in AIM listed Global Brands and various funding and commercial arrangements put in place. The Gas Companies have an ownership interest in 17 petroleum exploration development licences in South Wales, Somerset and Kent with the right to explore and drill for shale gas in the licensed areas. GEF has entered into a framework financing agreement with the Gas Companies to which the Gas Companies have appointed GEF to raise capital for their exploration and development operations. In consideration for raising capital, GEF will receive an economic interest commensurate with the proportion of drilling expenses covered through the funding received from GEF. Gerwyn Williams, MD of Coastal Oil & Gas and UK Methane said: “The team at Acuity were once again very proactive and their prompt response to problems helped to identify main issues at an early stage. The team has a concentration of expertise that matches any City player but still appreciates that speed and cost is critical to its clients.” Bruce Vandenberg, Director of Global Brands, said: “We are very pleased to announce that Global Brands has found an extremely attractive opportunity in the onshore UK gas market that holds great potential for Global Brands in future. The acquisition of GEF and its immediate funding transaction is a significant step in us implementing our investing policy.” The Gas Companies are exciting businesses with significant growth opportunities and we look forward to continue working with the businesses as they grow over the next few years.