On 14 May 2012, Genel Energy plc ("Genel Energy") announced that it intended to acquire a 23 per cent interest in the Bina Bawi exploration licence. The acquisition was to be made through the purchase of all of the share capital of A&T Petroleum Company Ltd (a subsidiary of Petoil Petroleum and Petroleum Products International Exploration and Production Inc.), the holder of the stake (the "Acquisition").
Genel Energy announces that the Kurdistan Regional Government Oil and Gas Council has approved the Acquisition and that accordingly, the Acquisition has completed. The total paid by Genel Energy for this 23 per cent interest was $175 million.
Tony Hayward, chief executive of Genel Energy said: "We are pleased that the transaction has now completed, allowing us to acquire an interest in this high-quality acreage in an area immediately adjacent to Taq Taq, one of our major established fields. Genel Energy remains focused on deepening its interest in the Kurdistan Region and we look forward to the exploration and appraisal programme planned for Bina Bawi for the rest of this year and next."