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The Gap Partnership

Genel Energy to acquire DNO?

Genel Energy has indicated it is interested in acquiring DNO.

14 November 2011

Business negotiations may soon reach a critical stage between Genel Energy and DNO.

This is because Reuters has reported the former is very interested in taking over the latter.

Mehmet Sepil, chief executive officer of Genel - which recently agreed to merge with Vallares - said he thought DNO was a "natural partner" for the exploration and production company.

Genel has $2.2 billion (£1.4 billion) in cash reserves and is looking to use some of this money to make investments in other organisations.

This means extensive business negotiations could be set to take place in an effort to tie up agreements.

Mr Sepil remarked there will be "a lot of announcements" coming from the firm in the next few months, which could indicate a series of agreements are close.

It comes after Genel revealed drilling of the exploration well Ber Bahr-1 in Iraq recently began as it seeks new resources.

Posted by Ron Maverick

Source: Reuters, November 13th
 

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