Genel Completes Purchase of 49% of Miran Block
Genel Energy confirmed Wednesday that it has completed its acquisition of the remaining 49 percent participating interest in the Miran exploration block in the Kurdistan Region of Iraq. The firm now holds 100 percent of the participating interest in the block (and 75 percent of the working interest) and has become the sole operator, following its deal with Heritage Oil.
In a separate statement, Heritage Oil confirmed the disposal – which was carried out in order to repay a $294 million loan made by Genel to Heritage in August 2012.
Heritage CEO Tony Buckingham commented in the statement:
"We are delighted to have received final approval for the disposal which means we have not only monetized the asset at an attractive valuation but have also used the proceeds to fund a significant part of our entry into a new region through the recent acquisition of a major interest in OML 30, Nigeria. This brings the total disposal proceeds generated by Heritage from asset sales to over $2 billion."
Genel describes the Miran block as a "world-class gas field". It contains two large contiguous structures, Miran West and Miran East, where results from wells drilled to date have confirmed the existence of two hydrocarbon systems with oil in the shallower Upper Cretaceous section and gas (and condensate) within the deeper Lower Cretaceous and Jurassic formations.
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Kina Petroleum to Exit Papua New Guinea License (Mar 24)
- Heritage Oil Fails to Find Gas at Kwila-1 Prospect in Papua New Guinea (Jul 09)
- Kina Petroleum Updates on Kwila-1 Exploration Drilling in PPL 337 in PNG (Jul 08)
Company: Genel Enerji A.S. more info
- Genel can 'Plan with Confidence' in 2017 after KRG Payment Promise (Jan 24)
- KRG Delivers Payments to Genel, DNO, Gulf for Tawke, Shaikan Production (Jan 23)
- AkerBP, Cairn Energy Make Jefferies Top Pick List (Jan 09)