Landmark deal for Afren underlines shifting sentiment on Kurdistan
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 ...