Taqa sells 17.98% stake in WesternZagros

Kurdistan selloff: Taqa lets sun set on WesternZagros stake

WesternZagros

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Bill Lehane

 30 November 2012 16:06 GMT

UAE explorer Abu Dhabi National Energy Company (Taqa) has garnered a profit of $38.5 million after selling its 17.98% stake in Calgary-based explorer WesternZagros.

Taqa said it had disposed of its 74 million common shares stake in the Kurdistan-focused junior in a single pre-open trade for C$85.1 million.

The company had paid just $46.6 million for the stock in October 2011.

WesternZagros holds two production sharing contracts in Iraqi Kurdistan, the Kurdamir and Garmian blocks.

The disposal comes just weeks after rumours emerged that Taqa was working on a farm-in elsewhere in Kurdistan, in which it would gain a stake in the Atrush block.

The block is currently owned by a joint venture involving Aspect Energy, ShaMaran Petroleum and the Kurdistan Regional…

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