Pearl Petroleum, a consortium of five companies led by Dana Gas and Crescent Petroleum, has began a campaign to raise funding for further investments in the Kurdistan Region of Iraq. The investment will be allocated towards the drilling of exploration and development wells as well as the construction of gas processing facilities.
Quoted in Reuters, CEO of Dana Gas Patrick Allman-Ward, revealed the funding would be comprised of bank debt, a bond, Exim bank financing and contractor and vendor financing.
Dana have also announced Q1 net profit figures of $35 million, up from last years figures of $14 million, with gas production rising by 6% from last year to 68,700 barrels of oil equivalent per day.
The consortium signed a new 20 year gas sales agreement with the KRG in March, which includes plans to increase gas production from 400 million standard cubic feet per day (MMscfp) to 650 MMscfp by 2021.
To date, the organisation has invested more than $1.6 billion in the Kurdistan Region's energy sector.