Deals
Afren Pays $588 Million for Kurdish Fields, Expands From Africa
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Afren Plc, a U.K. oil and gas explorer focused on Africa, has agreed to pay $588 million for interests in two production-sharing contracts in the Kurdistan region of Iraq to expand outside the continent.
Afren agreed to buy a 60 percent stake in the Barda Rash and 20 percent in the Ain Sifni projects from Komet Group and the Kurdistan regional government respectively, the London-based company said today in statement. It will fund the acquisition through a mix of new equity sales, debt and cash.