Afren To Buy $588M Iraq Field Stakes

Afren is buying stakes in two Kurdistan operations for $588 million.

Afren is buying stakes in two Kurdistan operations for $588 million, Bloomberg reports. The U.K. oil company will buy a 60% stake in the Barda Rash and 20% in the Ain Sifni projects from Komet Group and the Kurdistan regional government, respectively.

The acquisition will be funded through a mix of new equity sales, debt and cash. The company has secured a $200 million credit facility from BNP Paribas and VTB Group to fund part of the purchase.

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