VLRS Vallares

By Alex MacDonald

LONDON--Genel Energy PLC (GENL.LN), the U.K. oil explorer chaired by former BP PLC (BP) chief executive Tony Hayward, said Tuesday it has agreed to buy a 36% stake in the Bina Bawi gas field in the Kurdistan region of Iraq from Austrian partner OMV AG (OMV.VI) for up to $150 million.

The U.K.-listed oil company said it will pay $5 million up front and then $70 million once gas production exceeds certain volumes from the Miran and Bina Bawi fields. A payment of $75 million will be made two years after the date of the second payment.

As part of the deal, Genel has agreed with the Kurdistan regional government to forgo $25 million in payments due to Genel for past expenses incurred on the Miran field.

Genel already owns a 44% stake in the Bina Bawi gas field and a 75% stake in the Miran gas field.

-Write to Alex MacDonald at alex.macdonald@wsj.com

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(END) Dow Jones Newswires

September 15, 2015 02:39 ET (06:39 GMT)

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