Genel Energy buys 21% of Bina Bawi for $240m

Kurdistan buy: Genel Energy adds larger Bina Bawi stake to portfolio

AFP/Scanpix

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Bill Lehane

 06 August 2012 13:03 GMT

London-listed Genel Energy has splashed out $240 million cash on acquiring an additional 21% stake in the Bina Bawi block in Iraqi Kurdistan from US-based Hawler Energy.

The deal comes a week after the Kurdistan-focused explorer completed May’s acquisition of an initial 23% stake in the block from Turkey’s Petoil for $175 million.

Chief executive Tony Hayward said the increased stake furthered Genel Energy’s leading position in the region, with Bina Bawi adding to its Taq Taq and Tawke developments.

Operated by Austria’s OMV, Bina Bawi covers an area of 240 square kilometres to the east of Erbil, capital of the Kurdistan Regional Government (KRG).

Genel Energy has previously estimated that Bina Bawi holds contingent resources of between 500 million…

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