IFC backing

Warburg Pincus-backed Delonex Energy has 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. Delonex, run by former Cairn India chief executive Rahul Dhir, has yet to announce any asset acquisitions, but the IFC’s contribution will form a key part of a $600m equity line to be provided by the company’s investors led by Warburg Pincus. IFC’s investment will be used to fund start-up costs, exploration, appraisal, acquisition and early development of oil and gas assets.