Deal insight

Landmark deal for Afren underlines shifting sentiment on Kurdistan

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Report summary

The acquisition of two PSCs in Iraqi Kurdistan is a bold and potentially transformational move for Afren. The licences contain two undeveloped oil discoveries and hold significant exploration potential. The purchase price is US$588 million. At an unrisked valuation, these interests might be expected to fetch in excess of US$2.5 billion on the M&A market. The volumes are equally impressive: net 2P contingent reserves of 890 mmbbl and expected peak production in excess of 75,000 b/d ...

What's included

This report contains

  • Document

    Landmark deal for Afren underlines shifting sentiment on Kurdistan

    PDF 802.94 KB

Table of contents

  • Executive summary
  • Transaction details
    • Barda Rash PSC
    • Ain Sifni PSC
    • Pricing sensitivities related to exports represent the single biggest risk to our valuation
    • Organic uncertainties are substantial
    • Afren
    • Komet and KRG
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 7 images and tables including:

Images

  • Kurdistan (Barda Rash and Ain Sifni highlighted)
  • Wood Mackenzie NPV under low oil price and high discount rate sensitivities
  • Afren production - Wood Mackenzie base forecast plus Iraq potential

Tables

  • Deal analysis: Table 1
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Upstream assets: Table 1

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