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 ...
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Barda Rash PSC
- Ain Sifni PSC
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Deal analysis
- Pricing sensitivities related to exports represent the single biggest risk to our valuation
- Organic uncertainties are substantial
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Strategic rationale
- Afren
- Komet and KRG
- Oil & gas pricing and assumptions
Tables and charts
This report includes 7 images and tables including:
- Deal analysis: Table 1
- Oil & gas pricing and assumptions: Table 1
- Oil & gas pricing and assumptions: Table 2
- Upstream assets: Table 1
- 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
What's included
This report contains:
