Ethiopia: Delonex moves into Ogaden Basin blocks
Issue 285
- 30 Sep 2014
| 1 minute read
Delonex Energy, a new company backed by US investment group Warburg Pincus, has announced its first licence award, taking blocks 18, 19 and 21 in southeast Ethiopia, near the Somali border. Covering 29 865km2 in the Abred-Ferfer region of the Ogaden Basin, the licence is for an initial period of three years, extendable twice for two years. Delonex, run by former Cairn India chief executive Rahul Dhir, won $60m in equity finance from the World Bank’s International Finance Corporation to fund its planned oil and gas exploration in east and central Africa.
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