Genel has agreed to acquire an interest from Chevron in the latterâs Sarta and Qara Dagh blocks in Kurdistan.Â  Genel will get 30% in Sarta by paying 50% of ongoing field devt costs until a specific production target is reached. Chevron retains a 50% and the KRG 20%.   It will get 40% in the Qara Dagh appraisal licence as well as operatorship through a carry arrangement. Chevron retains 40% and the KRG 20%. Closing is pending KRG approval.
Genel will gain a 40% stake in the Qara Dagh exploration licence, as well as take over operatorship from Chevron (->40%, KRG 20%). Genel has also acquired a 30% interest in the Sarta licence in return for paying 50% of ongoing field development costs, with Chevron retaining a 50% operating stake and the KRG on the remaining 20%.