General Exploration Partners Sell Atrush Interest
by General Exploration Partners
|Monday, December 03, 2012
General Exploration Partners (GEP) has signed a purchase and sale agreement to sell 53.2 percent of its participating interest in the Atrush Block in Kurdistan to Abu Dhabi National Energy Company PJSC (TAQA), the company said in a statement Monday.
In conjunction with the sale, Aspect Energy International, LLC will divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. as the sole interest holder of GEP's remaining participating interest. The agreement is subject to final approval by the Kurdistan Regional Government and obtaining necessary partner consents.
Following the closing of the transaction and subject to the Kurdistan Regional Government's 25 percent carried option, the Atrush Block will be held 53.2 percent by TAQA, 26.8 percent by GEP, and 20 percent by Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil.
Alex Cranberg, Chairman of Aspect Holdings, LLC, commented, "With GEP's recent notification of Commercial Discovery, TAQA brings strengths and synergies which will assist with development and production. Most importantly however, the people of Kurdistan and all of Iraq continue to benefit from investment in and production of the natural resources in the region."
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