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WesternZagros & TAQA Secure a Strategic Investment

Source: www.gulfoilandgas.com 10/17/2011, Location: Middle East

WesternZagros Resources Ltd. is pleased to announce a strategic investment agreement with the Abu Dhabi National Energy Company PJSC (TAQA). Under the Agreement, TAQA will purchase, through a private placement, 74 million common shares in the Company at $0.63 per share for gross proceeds of $46,620,000. When this private placement is completed, TAQA will own approximately 19.9 per cent of the Company's issued and outstanding common shares.

WesternZagros's Chief Executive Officer, Simon Hatfield said, "This landmark agreement represents a significant leap forward for us. TAQA is an excellent strategic investor for WesternZagros given their proven track record, their support for our direction and their deep knowledge of our operating region. We are excited about the opportunities we are pursuing in the next twelve months, including further appraisal of the Sarqala and Kurdamir discoveries, and exploration drilling at Mil Qasim. We remain confident that our conservative, step-wise approach to realizing the full potential of our exceptional exploration assets will deliver results for our shareholders in the future."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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