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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Kuwait Energy appoints consultant for possible sale of concession zone in Iraq

    Rocky
    Rocky
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    Kuwait Energy appoints consultant for possible sale of concession zone in Iraq Empty Kuwait Energy appoints consultant for possible sale of concession zone in Iraq

    Post by Rocky Mon 21 May 2018, 2:42 am

    Kuwait Energy appoints consultant for possible sale of concession zone in Iraq


    Kuwait Energy appoints consultant for possible sale of concession zone in Iraq 8055


    Kuwait Energy, an independent oil and gas company, has appointed investment bank Perela Weinberg Partners to advise it on a possible sale of all or part of concession area 9 in southern Iraq and the separation of assets in Egypt, informed sources said .
    The move aims to provide the liquidity needed by the company heavily for its shareholders and to form a cash reserve to repay its debts .
    The move comes after Kuwait Energy completed a possible merger talks with London-based Soko International, and said the two sides had not met terms to satisfy both sides .
    The Kuwait-based company, based in Bahrain, has assets in Iraq, Oman, Egypt and Yemen, and started merger talks after failing last year to complete an initial public offering on the London Stock Exchange, in which it hoped to raise about $ 150 million .
    This led to a change in the board of directors in December, with the resignation of Sarah Akbar, the chief executive who co-founded the company and the appointment of six new members of the board.
    Earlier this year, Kuwait Energy sold an 8.57% stake in the 9th concession area of ​​Dragon Oil, a subsidiary of Dubai-based Emirates National Oil Company (ENOC), for $ 100 million,
    And ended a dispute over ownership with ENOC by granting an additional 6.43% stake in the concession area .
    The company's operations in Iraq are concentrated in three assets, including Zone 9, and Egypt has interests in four oil and gas fields. At the end of 2017, Kuwait Energy had liquidity of $ 65.6 million.
    The company has $ 250 million worth of bonds maturing in 2019. A $ 150 million convertible debt should start this year for an entity controlled by Abraaj Group for direct investment .
     


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