We acted as local counsel to a multinational oil and gas exploration company on its recent successful issue of a US$650m high yield bond. We provided the local law opinion for the offering circular which involved reviewing all of our client’s operations and structure in Gabon. We reviewed the licences which they held and how heir interest was maintained (operator, carried etc). We conducted a detailed review of several production sharing contracts in detail and commented on how these might be affected by potential forthcoming changes in the petroleum law in Gabon. We complemented this analysis with detailed searches at the various local registries before providing our final refreshed opinion on closing.