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Genel Energy increases its stake in an oil concession region
On: Wednesday 18/1/2012 9:38
Erbil / long
the company said Genel Energy of Turkey, has agreed to buy a stake in an oil concession in the Kurdistan Region for 94 million dollars.
Reuters quoted a statement from the chief executive of the company Tony Hayward as saying that "the Company entered into two deals to increase its stake in the franchise (Chia Sorkh) to explore in Kurdistan, from 20% to 80%, was paid $ 68 million compared to a 40% stake of the Company (and Najaford Energy), and $ 26 million compared to a 20% stake of the Company (Petroleum Oil-bit). "
He said Hayward "versus what we consider a good price given us the deals are share of 80 percent out of high quality in the latest regions vast oil that open to foreign investors."
The company also said at the conference, hosted by Morgan Stanley, said she was not interested in acquiring shares of De. that . or, or golf Keystone because of the allowances price high required by the conclusion of such transactions. The estimated reserves of privilege (Chia Sorkh) by about 305 million barrels of oil and gas.
it announced Kolff Keystone from the display of excellence oil in the Kurdistan region of sale, expected to combine between 350 and $ 500 million from the deal.
The director of operations at the company, John Kirsteinlr "that" the company will open the room information to inform those interested in buying on the details of oil concession (Akre Bigil) in the next week and is expected to post between 10 to 12 investors in presentations Buying. "
analysts had expected Morgan Stanley to invest that sells golf Keystone share in April next at ranges between 350 to 500 million dollars. "
noteworthy that the company golf Keystone said last September it was searching for a buyer for its stake by 20% in the franchise " Akre Bigil "to help finance other projects have. and currently holds the company (or. or. the) Hungarian operation of privilege field" Akre Bigil. "
The company is working Kolff Keystone in the region of Kurdistan since 2006, manages an oil well Sheikhan - 22 km west of Erbil - the estimated oil reserves which 7 billion and 500 thousand barrels, with oil well discovered the "chief plain" that contain oil reserves estimated at between 4.9 to 10.8 billion barrels, while the company is currently working on the discovery well, "Bahar, located near the two wells.
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