Tony Hayword - Buying up KurdistanInteresting to see Tony Hayword's (ex-CEO of BP) enthusiasm in the Kurdistan region. It appears one of Genel Energy's acreage position is adjoining WZR block to the south.
Note Tony's comments regarding consolidation in the area.
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Turkish delight for Hayward
Sept-07-2011
The acquisition vehicle established by ex-BP boss Tony Hayward will buy into Turkey's Genel Energy through a reverse takeover, the company confirmed today.
Vallares will issue new shares worth $2.1 billion to Genel under the plan, which has been termed a merger, with Genel’s existing shareholders to own half of the enlarged group. The deal, which will see the merged company list on the London Stock Exchange, is subject to Kurdistan regional government approval.
Hayward, who will be chief executive of the new company, said Kurdistan was one of the last great oil and gas frontiers. “Arguably, it is the last big onshore ‘easy’ oil province available for exploration by private companies anywhere in the world,” he said. “I think what is clear where the Kurdistan region is it is likely there will be significant consolidation over the next couple of years.” Hayward said he would pursue enterties in the region “on an opportunistic basis...We expect to participate as a major player in any future consolidation in the region,” he said.
Genel is the largest oil producer in Iraq’s Kurdistan region, with stakes in the Taq Taq (44%) and Tawke (25%) fields with proven and probable gross reserves of 647 million and 286 million barrels of oil equivalent respectively. The company also has a portfolio of interests in six exploration licences running from Peshkabir in the North of the region to Chia Surkh in the extreme South.
A further five exploration wells are planned over the next 12 months to assess the full potential of the acreage, the company said. Joining Hayward on the board will be Vallares co-founders, banker Julian Metherell and financier Nat Rothschild, who will be chief financial officer and a non-executive director.
Genel chief executive Mehmet Sepil, who holds 29% of the existing Genel, will become company president, with a commitment to retain his interest in the enlarged company for two years. Murah Yazici will represent him to the board, joining the nominee of Genel majority owner Mehmet Karamehmet – his daughter, Gulsun Nazli Karamehmet Williams – as non-executive directors. Two other non-executive directors will be appointed following the completion of the merger, joining independent directors James Leng, Graham Hearne, George Rose and Mark Parris on the board.