26/07/2023Memery Crystal Senior Partner, Nick Davis, spoke at this year’s Cannabis Europa London
Memery Crystal Senior Partner, Nick Davis, spoke at the Cannabis Europa London 2023 conference. Nick… Read more
14/06/2017
Memery Crystal’s award-winning Dispute Resolution Team often sees clients seeking litigation funding in a variety of different sectors, including oil & gas. Litigation funding is a way of obtaining funding from a third party to pursue your legal claim.
Typically the reasons for seeking litigation funding in oil & gas disputes are limited company cash flow or the desire to offset some litigation risk. Memery Crystal has extensive experience of oil & gas disputes and has contacts with a selection of funders who would be interested in funding oil & gas disputes.
What do I need?
You will need:
What can Memery Crystal do for you?
We can offer to:
What does it cost?
Typical Scenario
An oil & gas exploration company has a claim against a drilling contractor for £5 million.
A third party funder agrees to fund the company’s legal costs, in exchange for 25% of any sums recovered from the drilling contractor.
In addition, the company takes out insurance against having to pay the costs of the drilling contractor in the event that the company loses the claim.
The case goes to trial and each side spends £750,000 in legal costs (the company’s legal costs having been paid by the funder).
The company is successful and is awarded £5 million plus two-thirds of its legal costs (£500,000) = £5.5 million.
Recovered legal costs £500,000
Repayment of costs to funder – £750,000
Funder’s fee of 25% of balance – £1,187,500
Insurance premium – £250,000
Total retained by the company £3,312,500
We have specialist teams with particular expertise in the natural resources (energy and mining) and financial services sectors and international trade. In the last 10 years, we have been involved in some of the highest profile cases in the oil & gas industry.
Memery Crystal Senior Partner, Nick Davis, spoke at the Cannabis Europa London 2023 conference. Nick… Read more
Robert Bines-Black and Hannah Maxwell, from Memery Crystal’s Corporate team, attended the Reset Connect conference… Read more
Corporate partner Michael Dawes summarises the current position on the COVID AIM Rules relaxations.
In December 2020, the FCA introduced new climate-related disclosures for premium listed companies that apply… Read more