[sheet: Closing Checklist]
Item No. | Category | Document Description | Parties / Signatories | Responsible Party | Responsible Attorney / Contact | Delivery Format | No. of Originals Required | Status | Date Circulated | Date Finalized | Comments / Notes
1 | I. Principal Transaction Documents | Indenture — among Dunmore Energy Holdings Ltd. (Issuer), Dunmore upstream Finance Corp. (Co-Issuer), the Guarantors, and Northgate Trust Company, N.A. (Trustee and Collateral Agent); $850,000,000 aggregate principal amount of 9.375% Senior Secured Notes due 2032; governed by New York law | DEH, DUFC, Guarantors, Northgate Trust Company, N.A. | Calderwood & Harkness LLP | Jennifer Kwon / Eric Johannsen | Original | 5 | Executed | 2025-04-21 | 2025-05-15 | Execution version dated May 15, 2025; CUSIP (144A): 265387 AA 5; CUSIP (Reg S): C2085R AA 2; ISIN (144A): US265387AA51; ISIN (Reg S): USC2085RAA24
2 | I. Principal Transaction Documents | First Supplemental Indenture (Form — Future Guarantor Joinder) | Form for future guarantors, Northgate Trust Company, N.A. | Calderwood & Harkness LLP | Eric Johannsen | Conformed Copy | 1 | Final | 2025-04-28 | 2025-05-12 | Attached as exhibit to Indenture
3 | I. Principal Transaction Documents | Registration Rights Agreement | DEH, DUFC, Guarantors, Ridgeline Capital Markets LLC, Clarion Securities Inc., Pinnacle Partners LLC | Calderwood & Harkness LLP | Eric Johannsen | Original | 5 | Executed | 2025-04-28 | 2025-05-15 | Exchange offer / shelf registration provisions; NY law
4 | I. Principal Transaction Documents | Purchase Agreement — dated May 12, 2025 | DEH, DUFC, Guarantors, Ridgeline ($467.5M/55%), Clarion ($255M/30%), Pinnacle ($127.5M/15%) | Calderwood & Harkness LLP / Whitfield Baxter & Cohn LLP | Jennifer Kwon / Harrison Cates | Original | 5 | Executed | 2025-04-28 | 2025-05-12 | Issue price 98.50% of par; Gross spread 2.00% ($17M); NY law
5 | I. Principal Transaction Documents | Intercreditor Agreement | Northgate Trust (Notes Collateral Agent), Velthorn National Bank (ABL Agent), DEH, DUFC, Guarantors | Calderwood & Harkness LLP / Pruitt Halsey LLP | Eric Johannsen / Robert Cavanaugh | Original | 5 | Executed | 2025-04-28 | 2025-05-15 | ABL Priority: AR, inventory, deposit accounts; Notes Priority: PP&E, equity, IP; NY law
6 | I. Principal Transaction Documents | Collateral Agreement (U.S.) — Pledge and Security Agreement (NY law) | DEH, DUFC, Dunmore Gulf, Dunmore Renewables, Dunmore Midstream, Northgate Trust | Calderwood & Harkness LLP | Eric Johannsen | Original | 3 | Executed | 2025-04-28 | 2025-05-15 | First-priority liens on equity, tangible/intangible assets, intercompany receivables
7 | I. Principal Transaction Documents | Collateral Agreement (Nigeria) — Debenture and Charge over Dunmore Nigeria E&P assets | Dunmore Nigeria E&P Ltd., Northgate Trust | Abayomi Chambers / Calderwood & Harkness LLP | Chidinma Okafor / Eric Johannsen | Original | 3 | Executed | 2025-04-28 | 2025-05-15 | Covers OML 47 and OML 63 interests; Nigerian law
8 | I. Principal Transaction Documents | Collateral Agreement (England) — Debenture granted by Dunmore Trading Ltd. | Dunmore Trading Ltd., Northgate Trust | Cresswell & Greaves LLP / Calderwood & Harkness LLP | Fiona Halsted / Eric Johannsen | Original | 3 | Executed | 2025-04-28 | 2025-05-15 | English law governed
9 | I. Principal Transaction Documents | Collateral Agreement (Senegal) — Nantissement and Cession Fiduciaire | Dunmore Senegal S.A., Northgate Trust | Theron Moss & Associates SARL / Calderwood & Harkness LLP | Moustapha Sy / Eric Johannsen | Original | 3 | Executed | 2025-04-28 | 2025-05-15 | Cayar Offshore Block; Senegalese law
10 | I. Principal Transaction Documents | Paying Agency Agreement | DEH, DUFC, Beacon Fiduciary Services LLC | Calderwood & Harkness LLP | Claire Dempsey | Original | 3 | Executed | 2025-04-28 | 2025-05-15 | Sandra Mitchum — relationship manager at Beacon
11 | II. Offering Memorandum and Disclosure | Preliminary Offering Memorandum ("Red") — Rule 144A / Regulation S | N/A (disclosure document) | Calderwood & Harkness LLP | Jennifer Kwon / Eric Johannsen | PDF | 1 | Final | 2025-04-28 | 2025-04-28 | Distributed April 28, 2025
12 | II. Offering Memorandum and Disclosure | Final Offering Memorandum — Rule 144A / Regulation S | N/A (disclosure document) | Calderwood & Harkness LLP | Jennifer Kwon / Eric Johannsen | PDF and Print | 25 | Final | 2025-05-14 | 2025-05-14 | Includes final pricing 98.50%, 9.375% coupon, $850M principal
13 | II. Offering Memorandum and Disclosure | OM Supplement — Environmental and Social Responsibility | N/A | Calderwood & Harkness LLP / Barrisford Advisory Group LLC | Claire Dempsey / Nathan Reyes Linley | Incorporated into Final OM | 0 | Final | 2025-04-25 | 2025-05-12 | Scope 1: 1.42M tCO₂e; Scope 2: 0.18M tCO₂e; Community spend: $14.2M
14 | II. Offering Memorandum and Disclosure | OM Supplement — Risk Factors: Sanctions, OFAC, Anti-Corruption | N/A | Calderwood & Harkness LLP | Claire Dempsey / Jennifer Kwon | Incorporated into Final OM | 0 | Final | 2025-04-25 | 2025-05-12 | OFAC, EU, UK OFSI, FCPA, UK Bribery Act risks
15 | II. Offering Memorandum and Disclosure | OM Supplement — Risk Factors: ESG and Climate | N/A | Calderwood & Harkness LLP | Claire Dempsey | Incorporated into Final OM | 0 | Final | 2025-04-25 | 2025-05-12 | Climate-transition, physical, regulatory risks
16 | II. Offering Memorandum and Disclosure | OM Backup Memorandum | N/A (internal C&H work product) | Calderwood & Harkness LLP | Eric Johannsen / Claire Dempsey | PDF (internal) | 1 | Final | 2025-05-01 | 2025-05-14 | Cross-references DD materials, Alverton audit, DH&P reserves
17 | II. Offering Memorandum and Disclosure | 10b-5 Disclosure Letter (Negative Assurance) | C&H to Ridgeline, Clarion, Pinnacle | Calderwood & Harkness LLP | Jennifer Kwon | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | Customary negative assurance under Rule 10b-5
18 | II. Offering Memorandum and Disclosure | Comfort Letter — Alverton & Co. LLP (Initial) | Alverton to Initial Purchasers | Alverton & Co. LLP | Graham Stillwell | Original | 3 | Executed | 2025-05-12 | 2025-05-12 | Covers financial data in OM
19 | II. Offering Memorandum and Disclosure | Comfort Letter — Alverton & Co. LLP (Bring-Down) | Alverton to Initial Purchasers | Alverton & Co. LLP | Graham Stillwell | Original | 3 | Executed | 2025-05-15 | 2025-05-15 | Bring-down to closing date
20 | III. Legal Opinions | C&H Opinion — New York Law Enforceability | C&H to Initial Purchasers | Calderwood & Harkness LLP | Jennifer Kwon | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | Covers Indenture, PA, RRA, U.S. Collateral Agreement
21 | III. Legal Opinions | C&H Opinion — Corporate Authorization (DUFC and U.S. Guarantors) | C&H to Initial Purchasers | Calderwood & Harkness LLP | Jennifer Kwon | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | DUFC (EIN 93-4728106), Gulf, Renewables, Midstream
22 | III. Legal Opinions | C&H Opinion — Securities Law / No-Registration (144A/Reg S) | C&H to Initial Purchasers | Calderwood & Harkness LLP | Jennifer Kwon | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | Securities Act exemptions
23 | III. Legal Opinions | Tax Memorandum — U.S. and Cayman Tax Treatment | C&H (Leonard Cross) to DEH | Calderwood & Harkness LLP | Leonard Cross | PDF | 1 | Final | 2025-05-01 | 2025-05-12 | OID $12.75M; FATCA; withholding; Cayman tax-exempt
24 | III. Legal Opinions | Kincaid & Moreau LLP — Cayman Law Opinion | K&M to Initial Purchasers | Kincaid & Moreau LLP | Nigel Ashworth | Original | 3 | Executed | 2025-05-12 | 2025-05-15 | DEH Registry MC-384726
25 | III. Legal Opinions | Abayomi Chambers — Nigerian Law Opinion | Abayomi to Initial Purchasers | Abayomi Chambers | Chidinma Okafor | Original | 3 | Executed | 2025-05-12 | 2025-05-15 | OML 47/63 DPR/NNPC compliance
26 | III. Legal Opinions | Cresswell & Greaves LLP — English Law Opinion | C&G to Initial Purchasers | Cresswell & Greaves LLP | Fiona Halsted | Original | 3 | Executed | 2025-05-12 | 2025-05-15 | Dunmore Trading guarantee and debenture
27 | III. Legal Opinions | Theron Moss & Associates SARL — Senegalese Law Opinion | TMA to Initial Purchasers | Theron Moss & Associates SARL | Moustapha Sy | Original | 3 | Executed | 2025-05-12 | 2025-05-15 | Cayar PSC; nantissement validity
28 | III. Legal Opinions | Northgate Trust — In-House Counsel Opinion | Northgate Trust (William Kerrigan) | Northgate Trust Company, N.A. | William Kerrigan | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | Trustee/Collateral Agent authority
29 | III. Legal Opinions | Whitfield Baxter & Cohn LLP — Initial Purchasers' Counsel Opinion | WBC to Initial Purchasers | Whitfield Baxter & Cohn LLP | Harrison Cates / Priya Naveen | Original | 3 | Executed | 2025-05-14 | 2025-05-15 | Customary IP counsel opinion
30 | IV. Sanctions / OFAC Workstream | OFAC and Sanctions Compliance Memorandum | N/A (C&H) | Calderwood & Harkness LLP | Jennifer Kwon / Eric Johannsen | PDF | 1 | Final | 2025-04-26 | 2025-05-10 | Analysis of OFAC SDN, SSI, EU, UK OFSI exposure
31 | IV. Sanctions / OFAC Workstream | Sanctions Screening Results Summary — Sandoval | Sandoval Compliance Solutions LLC | Sandoval / C&H | Rosa Medina / Eric Johannsen | PDF | 1 | Final | 2025-04-25 | 2025-04-25 | Completed April 25, 2025; no hits
32 | IV. Sanctions / OFAC Workstream | Counterparty and JV Partner Sanctions Checklist | N/A | C&H / Sandoval | Claire Dempsey / Rosa Medina | Excel (PDF at closing) | 1 | Final | 2025-04-25 | 2025-04-25 | Pass/fail for all counterparties incl. NNPC back-in rights
33 | IV. Sanctions / OFAC Workstream | Side Letter — Sanctions Representations (supp. to PA) | DEH, DUFC, Guarantors, Ridgeline, Clarion, Pinnacle | C&H / WBC | Eric Johannsen / Harrison Cates | Original | 5 | Executed | 2025-05-05 | 2025-05-15 | Additional OFAC sanctions reps and warranties
34 | IV. Sanctions / OFAC Workstream | Post-Closing Sanctions Monitoring Protocol | C&H to Alistair Forde (Dunmore GC) | Calderwood & Harkness LLP | Jennifer Kwon | PDF | 1 | Final | 2025-05-10 | 2025-05-14 | Quarterly OFAC screening obligations
35 | V. ESG Workstream | ESG Disclosure Framework Memorandum | N/A (C&H) | Calderwood & Harkness LLP | Claire Dempsey / Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-22 | 2025-04-28 | SASB, TCFD, ISSB analysis
36 | V. ESG Workstream | ESG Data Verification Checklist | N/A (C&H / Barrisford) | C&H / Barrisford | Claire Dempsey / Nathan Reyes Linley | Excel (PDF at closing) | 1 | Final | 2025-04-25 | 2025-05-10 | Cross-references Scope 1/2, community spend, flaring
37 | V. ESG Workstream | Greenwashing Liability Analysis | N/A (C&H) | Calderwood & Harkness LLP | Claire Dempsey / Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-25 | 2025-05-05 | SEC enforcement trends; anti-fraud provisions
38 | V. ESG Workstream | Net-Zero Commitment Disclosure Review | N/A (C&H) | Calderwood & Harkness LLP | Claire Dempsey / Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-25 | 2025-05-05 | Safe-harbor analysis for 2050 net-zero pledge
39 | VI. Tax Workstream | U.S. Federal Income Tax Memorandum | C&H (Leonard Cross) to DEH | Calderwood & Harkness LLP | Leonard Cross | PDF | 1 | Final | 2025-04-28 | 2025-05-10 | OID $12.75M; withholding; FATCA
40 | VI. Tax Workstream | Cayman Tax Status Certificate and Memorandum | C&H / K&M | C&H / K&M | Leonard Cross / Nigel Ashworth | PDF | 1 | Final | 2025-04-28 | 2025-05-10 | DEH tax-exempt status confirmed
41 | VI. Tax Workstream | Withholding and Reporting Obligations Memorandum | N/A (C&H) | Calderwood & Harkness LLP | Leonard Cross | PDF | 1 | Final | 2025-04-28 | 2025-05-10 | Backup withholding, FATCA, CRS, W-8
42 | VI. Tax Workstream | Tax Covenant Commentary — Indenture Gross-Up Provisions | N/A (C&H) | Calderwood & Harkness LLP | Leonard Cross | PDF (internal) | 1 | Final | 2025-04-25 | 2025-05-08 | Tax gross-up, additional amounts, tax redemption covenants
43 | VII. Corporate and Authorization Documents | Board Resolutions — Dunmore Energy Holdings Ltd. | DEH Board (Lady Constance Harrowby, Chair) | C&H / DEH | Eric Johannsen / Alistair Forde | Certified Copy | 3 | Executed | 2025-04-28 | 2025-05-12 | Authorizing $850M Notes issuance
44 | VII. Corporate and Authorization Documents | Board Resolutions — Dunmore upstream Finance Corp. | DUFC Board | C&H / DUFC | Eric Johannsen | Certified Copy | 3 | Executed | 2025-04-28 | 2025-05-12 | EIN 93-4728106; co-issuance
45 | VII. Corporate and Authorization Documents | Board/Member Resolutions — Guarantor Subsidiaries (Consolidated) | Directors/Members of each Guarantor | C&H / Local Counsel | Eric Johannsen / Claire Dempsey | Certified Copy | 18 | Executed | 2025-04-28 | 2025-05-12 | Six Guarantors; 3 certified copies each
46 | VII. Corporate and Authorization Documents | Officers' Certificate | Marcus Ellingham (CEO), Deepa Rajaram (CFO) | C&H / DEH | Eric Johannsen / Alistair Forde | Original | 3 | Executed | 2025-05-15 | 2025-05-15 | Reps and warranties bring-down; conditions precedent
47 | VII. Corporate and Authorization Documents | Secretary's / Director's Certificate | DEH Secretary / Director | C&H / DEH | Eric Johannsen | Original | 3 | Executed | 2025-05-15 | 2025-05-15 | Attaching M&A, board resolutions, incumbency
48 | VII. Corporate and Authorization Documents | Incumbency Certificate (Consolidated) | Authorized officers of DEH, DUFC, Guarantors | C&H / DEH | Claire Dempsey | Original | 3 | Executed | 2025-05-15 | 2025-05-15 | Specimen signatures for all signatories
49 | VIII. Closing Documents | Closing Memorandum — settlement mechanics | N/A (C&H) | Calderwood & Harkness LLP | Eric Johannsen | PDF | 1 | Final | 2025-05-12 | 2025-05-14 | Wire instructions; DTC delivery; T+1 settlement
50 | VIII. Closing Documents | Funds Flow Memorandum | All parties | C&H / Dunmore CFO | Eric Johannsen / Deepa Rajaram | PDF / Excel | 1 | Final | 2025-05-12 | 2025-05-14 | Gross $837.25M; spread $17M; exp $5.5M; 2028 repay $450M; Cayar $250M; GCP $114.75M
51 | VIII. Closing Documents | Bring-Down Due Diligence Certificate | Marcus Ellingham (CEO), Deepa Rajaram (CFO) | C&H / DEH | Eric Johannsen | Original | 3 | Executed | 2025-05-15 | 2025-05-15 | No MAC since April 28, 2025
52 | VIII. Closing Documents | DTC Eligibility Letter | DTC / Beacon Fiduciary | Beacon Fiduciary Services LLC | Sandra Mitchum | PDF | 1 | Final | 2025-05-12 | 2025-05-14 | CUSIP 265387 AA 5 / C2085R AA 2
53 | VIII. Closing Documents | UCC-1 Financing Statements (Delaware SoS) | DUFC, Gulf, Renewables, Midstream (debtors); Northgate (secured) | Calderwood & Harkness LLP | Claire Dempsey | Filed / Stamped Copy | 4 | Executed | 2025-05-15 | 2025-05-15 | 4 UCC-1 filings covering U.S. Collateral
54 | VIII. Closing Documents | Cross-Receipt — Notes for purchase price | DEH, DUFC, Ridgeline, Clarion, Pinnacle | Calderwood & Harkness LLP | Eric Johannsen | Original | 5 | Executed | 2025-05-15 | 2025-05-15 | Aggregate purchase price $837,250,000
55 | VIII. Closing Documents | ABL Lender Consent / Acknowledgment — Velthorn National Bank | Velthorn (Robert Cavanaugh, ABL Agent) | Pruitt Halsey / C&H | Robert Cavanaugh / Eric Johannsen | Original | 3 | Executed | 2025-05-05 | 2025-05-14 | ABL $750M/$470M drawn; SOFR+275; matures 6/2028
56 | VIII. Closing Documents | Payoff Letter — Partial Repayment of 2028 Notes | Trustee of 2028 Notes | Calderwood & Harkness LLP | Eric Johannsen | Original | 3 | Executed | 2025-05-12 | 2025-05-15 | $450M repay; $400M remains; matures 10/15/2028
57 | VIII. Closing Documents | Closing Binder Table of Contents | N/A | Calderwood & Harkness LLP | Claire Dempsey | PDF / Print | 2 | Final | 2025-05-15 | 2025-05-15 | Index of all executed closing documents
58 | IX. Due Diligence | Due Diligence Request List — Master | N/A (C&H to Dunmore) | Calderwood & Harkness LLP | Eric Johannsen / Claire Dempsey | Excel / PDF | 1 | Final | 2025-04-16 | 2025-04-21 | Corp, financial, regulatory, env, litigation, K, ins, tax, EB
59 | IX. Due Diligence | DD Memo — Corporate and Organizational | N/A (C&H) | Calderwood & Harkness LLP | Eric Johannsen | PDF (internal) | 1 | Final | 2025-04-22 | 2025-05-05 | Charter, good-standing, material contracts
60 | IX. Due Diligence | DD Memo — Regulatory and Licensing | N/A (C&H) | Calderwood & Harkness LLP | Eric Johannsen / Claire Dempsey | PDF (internal) | 1 | Final | 2025-04-22 | 2025-05-05 | DPR/NNPC (Nigeria), Cayar (Senegal), BOEM/BSEE (GoM)
61 | IX. Due Diligence | DD Memo — Litigation | N/A (C&H) | Calderwood & Harkness LLP | Eric Johannsen | PDF (internal) | 1 | Final | 2025-04-22 | 2025-05-05 | Pending/threatened litigation review
62 | IX. Due Diligence | DD Memo — Material Contracts | N/A (C&H) | Calderwood & Harkness LLP | Eric Johannsen / Claire Dempsey | PDF (internal) | 1 | Final | 2025-04-22 | 2025-05-05 | Offtake, JOAs, PSCs, transportation
63 | IX. Due Diligence | Reserves Report — Duval Howard & Partners (as of 12/31/2024) | Duval Howard & Partners (Dr. Evelyn Marchetti) | Duval Howard & Partners | Dr. Evelyn Marchetti | PDF | 1 | Final | 2025-03-15 | 2025-03-15 | 345.8 MMboe / $6,700M PV-10
64 | X. Rating Agency | Lodestar Ratings International — Preliminary Rating (B2/Stable) | Lodestar (Catherine Irvine) | Lodestar Ratings International | Catherine Irvine | PDF | 1 | Final | 2025-05-05 | 2025-05-05 | Preliminary B2 / Stable
65 | X. Rating Agency | Veridian Credit Assessments Inc. — Preliminary Rating (B+/Stable) | Veridian (James Fenwick) | Veridian Credit Assessments Inc. | James Fenwick | PDF | 1 | Final | 2025-05-05 | 2025-05-05 | Preliminary B+ / Stable
66 | XI. Correspondence | Email — Johannsen to Cates (WBC): Draft Indenture | C&H to WBC | Calderwood & Harkness LLP | Eric Johannsen | Electronic (.eml) | 0 | Final | 2025-04-22 | 2025-04-22 | Initial draft Indenture for IP counsel review
67 | XI. Correspondence | Email — Kwon to Forde: OFAC Memo and Sanctions Sign-Off | C&H to Dunmore GC | Calderwood & Harkness LLP | Jennifer Kwon | Electronic (.eml) | 0 | Final | 2025-04-26 | 2025-04-26 | Requesting sign-off on sanctions reps
68 | XI. Correspondence | Letter — C&H to Northgate Trust: Draft Indenture and Security Docs | C&H to William Kerrigan (Northgate) | Calderwood & Harkness LLP | Eric Johannsen | PDF / Hard Copy | 1 | Final | 2025-04-25 | 2025-04-25 | For Trustee/Collateral Agent review
69 | XI. Correspondence | Letter — C&H to Velthorn: ABL Consent and Intercreditor | C&H to Robert Cavanaugh (Velthorn); cc Pruitt Halsey | Calderwood & Harkness LLP | Eric Johannsen | PDF / Hard Copy | 1 | Final | 2025-04-28 | 2025-04-28 | Requesting ABL lender consent
70 | XI. Correspondence | Email — Dempsey to Barrisford: ESG Data Clarifications | C&H to Barrisford | Calderwood & Harkness LLP | Claire Dempsey | Electronic (.eml) | 0 | Final | 2025-04-27 | 2025-04-27 | Scope 1 methodology, flaring, community spend
71 | XI. Correspondence | Letter — C&H to Ridgeline: 10b-5 Letter and Closing Opinion Package | C&H to Thomas Whitford (Ridgeline) | Calderwood & Harkness LLP | Jennifer Kwon | Original / PDF | 3 | Executed | 2025-05-15 | 2025-05-15 | Cover letter with closing opinion package
72 | XI. Correspondence | Outline Term Sheet — organizational call | All parties | C&H / Ridgeline | Eric Johannsen / Simone Achterberg | PDF | 1 | Final | 2025-04-21 | 2025-04-21 | $850M, 9.375%, first call 5/1/2028 at 104.688%
73 | XII. Engagement and Administrative | Engagement Letter — C&H to DEH | C&H, DEH | Calderwood & Harkness LLP | Jennifer Kwon / Theodore Langston | Original | 2 | Executed | 2025-04-14 | 2025-04-14 | Matter 1016-00003; est. fees $3.2M–$3.8M
74 | XII. Engagement and Administrative | Conflict Check Memorandum (Internal) | N/A | Calderwood & Harkness LLP | Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-14 | 2025-04-14 | Clearances for Harborview, Solstice, Alderman, all parties
75 | XII. Engagement and Administrative | Staffing Memorandum (Internal) | N/A | Calderwood & Harkness LLP | Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-14 | 2025-04-14 | Engagement team; rate schedule
76 | XII. Engagement and Administrative | Matter Opening Form — Matter No. 1016-00003 | N/A | Calderwood & Harkness LLP | Theodore Langston | Electronic | 1 | Final | 2025-04-14 | 2025-04-14 | RP: Kwon; BP: Langston
77 | XII. Engagement and Administrative | Privilege and Work-Product Protocol Memorandum | N/A | Calderwood & Harkness LLP | Jennifer Kwon | PDF (internal) | 1 | Final | 2025-04-14 | 2025-04-14 | Protocols for K&M, Abayomi, C&G, TMA communications
[sheet: Summary Dashboard]
Category | Total Items | Executed / Final | Under Review | Draft | Completion %
I. Principal Transaction Documents | 10 | 10 | 0 | 0 | 100%
II. Offering Memorandum and Disclosure | 9 | 9 | 0 | 0 | 100%
III. Legal Opinions | 10 | 10 | 0 | 0 | 100%
IV. Sanctions / OFAC Workstream | 5 | 5 | 0 | 0 | 100%
V. ESG Workstream | 4 | 4 | 0 | 0 | 100%
VI. Tax Workstream | 4 | 4 | 0 | 0 | 100%
VII. Corporate and Authorization Documents | 6 | 6 | 0 | 0 | 100%
VIII. Closing Documents | 9 | 9 | 0 | 0 | 100%
IX. Due Diligence | 6 | 6 | 0 | 0 | 100%
X. Rating Agency | 2 | 2 | 0 | 0 | 100%
XI. Correspondence | 7 | 7 | 0 | 0 | 100%
XII. Engagement and Administrative | 5 | 5 | 0 | 0 | 100%
TOTAL | 77 | 77 | 0 | 0 | 100%
[sheet: Key Deal Terms Reference]
Item | Detail
Matter Number | 1016-00003
Issuer | Dunmore Energy Holdings Ltd. (Cayman Islands exempted company)
Co-Issuer | Dunmore upstream Finance Corp. (Delaware corporation; EIN 93-4728106)
DEH Cayman Registry No. | MC-384726
Securities | 9.375% Senior Secured Notes due 2032
Aggregate Principal Amount | $850,000,000
Issue Price | 98.50% of par
Gross Proceeds | $837,250,000
OID | $12,750,000 (1.50%)
Coupon | 9.375% per annum
Annual Interest | $79,687,500
Semi-Annual Interest | $39,843,750
Interest Payment Dates | May 1 and November 1
First Interest Payment Date | November 1, 2025
Maturity Date | May 1, 2032
Placement | Rule 144A (QIBs) / Regulation S (non-U.S.)
Governing Law | State of New York
CUSIP (144A) | 265387 AA 5
CUSIP (Reg S) | C2085R AA 2
ISIN (144A) | US265387AA51
ISIN (Reg S) | USC2085RAA24
Minimum Denomination | $2,000; multiples of $1,000 in excess
Gross Spread | 2.00% ($17,000,000)
Management Fee | 0.25% ($2,125,000)
Underwriting Fee | 0.75% ($6,375,000)
Selling Concession | 1.00% ($8,500,000)
Estimated Legal/Other Expenses | $5,500,000
Total Offering Costs | $22,500,000
Net Proceeds to Issuer | $820,250,000
Use — 2028 Notes Repayment | $450,000,000 (partial repayment of $850M existing 7.50% Notes)
Use — Cayar Phase II Capex | $250,000,000
Use — General Corporate | $114,750,000
Use — Fees & Expenses | $22,500,000
Ridgeline Allocation | 55% — $467,500,000
Clarion Allocation | 30% — $255,000,000
Pinnacle Allocation | 15% — $127,500,000
Revenue (FY 2024) | $2,140,000,000
EBITDA (FY 2024) | $816,000,000
EBITDA Margin | 38.1%
Capital Expenditures (FY 2024) | $387,000,000
Net Income (FY 2024) | $294,000,000
Total Assets | $4,870,000,000
Cash and Equivalents | $185,000,000
Pre-Offering Total Debt | $1,320,000,000 (ABL $470M + 2028 Notes $850M)
Post-Offering Total Debt | $1,720,000,000 (ABL $470M + 2028 Notes $400M + New Notes $850M)
Pro Forma Gross Leverage | 2.11x ($1,720M ÷ $816M)
Pro Forma Net Leverage | 1.88x (($1,720M − $185M) ÷ $816M)
ABL Facility | $750M commitment; $470M drawn; SOFR + 275 bps; matures June 2028; Agent: Velthorn National Bank, N.A.
Existing 2028 Notes (Post-Offering) | $400M remaining outstanding; 7.50% fixed; matures October 15, 2028
Lodestar Preliminary Rating | B2 / Stable
Veridian Preliminary Rating | B+ / Stable
Proved Reserves (Total) | 345.8 MMboe
PV-10 (Total) | $6,700,000,000
OML 47 Reserves / PV-10 | 142.6 MMboe / $2,840M
OML 63 Reserves / PV-10 | 87.3 MMboe / $1,620M
Cayar Offshore Reserves / PV-10 | 64.1 MMboe / $1,190M
GoM Reserves / PV-10 | 51.8 MMboe / $1,050M
First Optional Redemption | May 1, 2028 at 104.688%
Redemption Schedule | 2028: 104.688%; 2029: 102.344%; 2030: 101.172%; 2031+: 100.000%
Make-Whole | Prior to May 1, 2028: Treasury Rate + 50 bps
Equity Clawback | Up to 40% at 109.375% prior to May 1, 2028; ≥60% must remain outstanding
Change of Control Put | 101% of par plus accrued interest
Majority Owner | Harborview Capital Partners Fund VI, L.P. (62.4%)
Management / Directors | 18.3%
Solstice Infrastructure Fund LP | 11.1%
Alderman Family Office LLC | 8.2%
Employees | ~3,400 worldwide
Scope 1 GHG Emissions (FY 2024) | 1.42 million metric tons CO₂e
Scope 2 GHG Emissions (FY 2024) | 0.18 million metric tons CO₂e
Community Development Spend (Nigeria, FY 2024) | $14.2 million
Methane Flaring Intensity | 3.8 m³/boe (industry avg. 5.1 m³/boe)
Net-Zero Commitment | By 2050
OFAC Screening Completion Date | April 25, 2025 (Sandoval Compliance Solutions LLC)
OFAC Screening Result | No hits — all entities, officers, directors, counterparties, JV partners cleared
Engagement Opened | April 14, 2025
Organizational Call | April 21, 2025
Preliminary OM Distributed | April 28, 2025
Road-Show Commencement | May 5, 2025
Pricing Date | May 12, 2025
Final OM Delivered | May 14, 2025
Closing / Settlement Date | May 15, 2025 (T+1)
First Interest Payment | November 1, 2025
[sheet: Parties and Contacts]
Entity Full Legal Name | Short Name | Role | Entity Type | Jurisdiction | Key Contact | Title | Address | EIN / Registry No.
Dunmore Energy Holdings Ltd. | DEH | Issuer | Exempted company | Cayman Islands | Marcus Ellingham (CEO); Deepa Rajaram (CFO); Alistair Forde (GC) | CEO; CFO; General Counsel | Registered: c/o Maples Corporate Services Ltd., PO Box 309, Ugland House, George Town, Grand Cayman KY1-1104 | Executive: 14th Floor, Harbour Place Tower, 103 South Church Street, George Town, Grand Cayman KY1-1002 | Houston: 2900 Post Oak Boulevard, Suite 3100, Houston, TX 77056 | MC-384726
Dunmore upstream Finance Corp. | DUFC | Co-Issuer | Corporation | Delaware | N/A | N/A | Ashgrove Services Inc., 28 Liberty Street, New York, NY 10005 | 93-4728106
Dunmore Nigeria E&P Ltd. | Dunmore Nigeria | Guarantor | Limited company | Nigeria (CAC) | N/A | N/A | Lagos, Nigeria
Dunmore Gulf Operations LLC | Dunmore Gulf | Guarantor | LLC | Delaware | N/A | N/A | Houston, TX
Dunmore Renewables LLC | Dunmore Renewables | Guarantor | LLC | Delaware | N/A | N/A | Houston, TX
Dunmore Senegal S.A. | Dunmore Senegal | Guarantor | S.A. | Senegal | N/A | N/A | Dakar, Senegal
Dunmore Midstream Holdings Inc. | Dunmore Midstream | Guarantor | Corporation | Delaware | N/A | N/A | Houston, TX
Dunmore Trading Ltd. | Dunmore Trading | Guarantor | Private limited company | England & Wales | N/A | N/A | London, England
Ridgeline Capital Markets LLC | Ridgeline | Lead Initial Purchaser / Lead Left Bookrunner | LLC | Delaware | Thomas Whitford; Simone Achterberg | Head of Energy Capital Markets; Coverage Banker | 383 Madison Avenue, 22nd Floor, New York, NY 10179
Clarion Securities Inc. | Clarion | Joint Bookrunner / Initial Purchaser | Corporation | Delaware | Derek Holmgren | Coverage Banker | One Financial Center, Boston, MA 02111
Pinnacle Partners LLC | Pinnacle | Co-Manager / Initial Purchaser | LLC | Delaware | Julia Song | Coverage Banker | 200 West Street, Suite 4400, New York, NY 10282
Northgate Trust Company, N.A. | Northgate Trust | Indenture Trustee / Collateral Agent | National banking association | OCC / U.S. | William Kerrigan | VP, Corporate Trust | 100 Wall Street, Suite 1600, New York, NY 10005 | 13-6520098
Beacon Fiduciary Services LLC | Beacon Fiduciary | Paying Agent / Registrar / Transfer Agent | LLC | New York | Sandra Mitchum | Relationship Manager | 240 Greenwich Street, 7th Floor, New York, NY 10007
Velthorn National Bank, N.A. | Velthorn | ABL Agent | National banking association | OCC / U.S. | Robert Cavanaugh | Relationship Manager | 1111 Fannin Street, Suite 2500, Houston, TX 77002
Calderwood & Harkness LLP | C&H | Issuer's Counsel (NY law) | LLP | New York | Jennifer Kwon (RP); Theodore Langston (BP); Eric Johannsen (Lead Assoc.); Claire Dempsey (Assoc.); Leonard Cross (Tax) | Various | 425 Lexington Avenue, New York, NY 10017
Whitfield Baxter & Cohn LLP | WBC | Initial Purchasers' Counsel | LLP | New York | Harrison Cates; Priya Naveen | Lead Partner; Associate | 51 West 52nd Street, New York, NY 10019
Kincaid & Moreau LLP | K&M | Issuer's Cayman Counsel | LLP | Cayman Islands | Nigel Ashworth | Lead Partner | 68 Fort Street, George Town, Grand Cayman KY1-1107
Abayomi Chambers | Abayomi | Issuer's Nigerian Counsel | Law chambers | Nigeria | Chidinma Okafor | Lead Partner | 14 Broad Street, Victoria Island, Lagos, Nigeria
Cresswell & Greaves LLP | C&G | Issuer's English Counsel | LLP | England & Wales | Fiona Halsted | Lead Partner | 10 Fenchurch Avenue, London EC3M 5BN
Theron Moss & Associates SARL | TMA | Issuer's Senegalese Counsel | SARL | Senegal | Moustapha Sy | Lead Partner | Rue Moussé Diop 22, Plateau, Dakar, Senegal
Pruitt Halsey LLP | Pruitt Halsey | ABL Agent's Counsel | LLP | Texas | N/A | N/A | 600 Travis Street, Suite 4000, Houston, TX 77002
Alverton & Co. LLP | Alverton | Independent Auditor | LLP | New York | Graham Stillwell | Lead Engagement Partner | 30 Rockefeller Plaza, New York, NY 10112
Duval Howard & Partners | DH&P | Reserves Engineer | Partnership | Texas | Dr. Evelyn Marchetti | Lead Consultant | 1200 Smith Street, Suite 1800, Houston, TX 77002
Barrisford Advisory Group LLC | Barrisford | ESG Consultant | LLC | Washington, DC | Nathan Reyes Linley CPAs LLP | Lead Consultant | 1700 K Street NW, Suite 900, Washington, DC 20006
Sandoval Compliance Solutions LLC | Sandoval | Sanctions / OFAC Advisor | LLC | Washington, DC | Rosa Medina | Lead Consultant | 1120 Connecticut Avenue NW, Suite 600, Washington, DC 20036
Lodestar Ratings International | Lodestar | Rating Agency | Corporation | New York | Catherine Irvine | Lead Analyst | 7 World Trade Center, New York, NY 10007
Veridian Credit Assessments Inc. | Veridian | Rating Agency | Corporation | New York | James Fenwick | Lead Analyst | 55 Water Street, New York, NY 10041
Harborview Capital Partners Fund VI, L.P. | Harborview Fund VI | Majority Equity Holder (62.4%) | Limited partnership | Delaware | Elaine Prescott; David Stein | Managing Director; Partner | N/A
Solstice Infrastructure Fund LP | Solstice | Co-Investor (11.1%) | Limited partnership | Delaware | N/A | N/A | N/A
Alderman Family Office LLC | Alderman | Co-Investor (8.2%) | LLC | Texas | N/A | N/A | N/A
[sheet: Timeline]
Date | Event | Responsible Party | Notes
2025-04-14 | Engagement opened; engagement letter executed | Calderwood & Harkness LLP / DEH | Matter No. 1016-00003
2025-04-21 | Organizational call; outline term sheet circulated | C&H / Ridgeline Capital Markets LLC | Key terms distributed to all parties
2025-04-25 | OFAC / sanctions screening completed | Sandoval Compliance Solutions LLC (Rosa Medina) | No hits on OFAC SDN, SSI, EU, UK OFSI lists
2025-04-28 | Preliminary Offering Memorandum ("Red") distributed | Calderwood & Harkness LLP | Distributed to Initial Purchasers
2025-05-05 | Road-show commences | DEH management / Ridgeline | Marcus Ellingham (CEO) and Deepa Rajaram (CFO) presenting
2025-05-12 | Marketing period ends; Pricing of the Notes | Ridgeline / Clarion / Pinnacle | Issue price: 98.50%; Coupon: 9.375%; Purchase Agreement executed
2025-05-14 | Final Offering Memorandum delivered | Calderwood & Harkness LLP | Incorporates final pricing and all disclosure
2025-05-15 | Closing / Settlement Date (T+1) | All parties | Notes issued; gross proceeds $837,250,000; funds flow completed
2025-11-01 | First interest payment date | Beacon Fiduciary Services LLC | Semi-annual interest: $39,843,750
2028-05-01 | First optional redemption date | DEH | Redemption price: 104.688%
2028-06-30 | Maturity of ABL Revolver | Velthorn National Bank, N.A. | $750M commitment
2028-10-15 | Maturity of existing 7.50% Senior Unsecured Notes | DEH | $400M remaining outstanding post-offering
2032-05-01 | Maturity of the Notes | Northgate Trust Company, N.A. / DEH | $850,000,000 due at par