Puma Energy International B.V. signed an exclusive agreement to acquire a 56.13% stake in KenolKobil Limited from Petroholdings Limited, Energy Resources Capital Limited, Chery Holding Limited and Wells Petroleum Holdings Limited on May 7, 2012. The transaction is subject to due diligence, regulatory approvals and price confirmation. If the transaction proceeds, Puma Energy will make a take-over offer to acquire all the shares in KenolKobil. Howard Corney of Macfarlanes LLP acted as legal advisor for Puma Energy. Kestrel Capital (East Africa) Ltd. acted as financial advisor to Petroholdings Limited, Energy Resources Capital Limited, Chery Holding Limited and Wells Petroleum Holdings Limited.