The rush is on for exploration and production real estate in Iraq.
Companies with promising licences, or existing operations, are clearly very desirable to potential investors, and so have had little difficulty tapping the markets for more funds. In recent weeks alone we've seen:
- WesternZagros Resources raise C$46 million from the Abu Dhabi National Energy Company PJSC (“TAQA“);
- Gulf Keystone successfully raising $200 million to fund its exploration programme;
- ShaMaran Petroleum announcing $50 million private placement.
Now, in the context of the controversial proposed merger between DNO and RAK, former BP boss Tony Hayward, who is now heading up the cash-rich Genel Energy, has publicly said that DNO was "something that Genel Energy could buy at some point”.
It's rare to hear such a clear statement of interest. Meanwhile, shares in DNO are up 60% since early August.
Whether your business is in the oil sector or any of the other booming areas of Iraq's economy, Upper Quartile and AAIB are here to help you. For more information please contact Gavin Jones or Adrian Shaw.