|
Former BP boss earns £12m from Iraqi
Kurdistan oil venture
21.1.2012 |
|
|
|
Tony Hayward pockets first
tranche of payments from Kurdistan oil venture with
Genel Energy. Ex-BP boss,
partners to share $244 million Genel payout
January 21, 2012
LONDON, — Former
BP boss, Tony Hayward will pocket more than £12m in
a first tranche of payouts less than a year after he
set up his own company and then bet on Kurdistan
being the next big province for the oil industry.
Hayward who left his old employers with a £10m
pension pot after the Gulf of Mexico blowout,
exercised his rights to a 6.67% stake in the Genel
Energy business along with his partners Nat
Rothschild and two other executives. The four Genel
backers are entitled to a windfall nudging £160m as
they swap their "founder" shares in the Vallares
investment vehicle they established in return for
ordinary shares in Genel. Hayward and the other
founders of Vallares will not be able to sell their
shares until 21 November under a lock-in
arrangement.
The oil investors who had poured £100m of their
money into the business could win a further payout.
They still control 'C' class shares that entitle
them to 15% of any gains should Genel shares rise
above a specified price.
A statement from Genel pointed out the initial
investment was "risk capital" that left them facing
a loss of up to £20m had they not completed a
successful acquisition within a specified time
frame.
Vallares is still sitting on nearly $2bn (£1.6bn)
raised in an initial flotation last year because the
cash was not required to merge with the
Turkish-based Genel,www.ekurd.net
the largest oil producer in the Kurdistan region of
Iraq. Genel, with stakes in six oilfields in
northern Iraq says those interests amount to a
potential 356m barrels of proven oil reserves. Genel
shares rose 1.2%to 855p still less than the £10
float price.
By Terry Macalister
Copyright ©, respective
author or news agency,
guardian.co.uk
Top |
Kurd Net
does not take credit for and is not responsible for the
content of news information on this page
|
®
