Genel's $240M Stake Buy Doubles Down On Kurdistan Oil

Law360, New York (August 7, 2012, 7:54 PM EDT) -- Cash-flush Genel Energy PLC continued its Kurdish shopping spree with a $240 million deal to raise its stake in the Bina Bawi exploration block by buying out Houston-based Hawler Energy Ltd., the British upstream outfit announced Monday.

The cash deal gives Genel a 44 percent interest in the block, which sits next to flagship Taq Taq operations in the semiautonomous region of Iraq and is estimated to hold contingent resources of between 500 million to 1 billion barrels of oil equivalent, according to the buyer....
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