On 27 October 2010, Inergia Petroleum Limited, an oil and gas exploration and production company, acquired Hardy Oil (Africa) Limited (renamed Simba Petroleum Limited), a wholly owned subsidiary of Hardy Oil and Gas Plc, for a purchase consideration of $4.55 million in cash. This was accomplished by way of a sale of Simba's entire issued share capital and assignment of outstanding shareholder loans to Inergia.
Inegia is a newly incorporated upstream energy company focused on Nigeria. Simba Petroleum Limited is registered in the Isle of Man and has a wholly owned subsidiary, Hardy Oil Africa Limited, registered in Nigeria, the primary assets of which are the Oza and Atala marginal fields located in Nigeria.
Fasken Martineau advised Inergia in this transaction with a team led by Yomi Akinjide and which included Daniel Joll, Zehra Kasapoglu and Anne Cobbett.