AME raises US$ 20 Million in New Equity from 4D Global Energy Advisors SAS
Wichita, Kansas – 22 February 2013 – Aladdin Middle East Ltd. (“AME”), an independent oil and gas company with primary operations in Turkey, announced today that it has raised US$20 million in new equity from 4D Global Energy Advisors SAS (“4DGEA), a Paris-based private equity investor that specializes in the energy sector.
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The equity financing will enable AME to finance its committed and contingent work programmes and working capital to build on its asset base in the Republic of Turkey.
Cem Sayer, Chairman of the Board and President of AME, commented: “Over the past two years, we have focused on restructuring AME to realize the value in AME’s promising oil and gas assets and to enable us to use that existing asset base to accelerate growth in the company. In particular, we exited the drilling services sector, enabling us to concentrate solely on E&P projects. We are extremely pleased to welcome 4DGEA into AME, and we believe their investment will prove to be profitable both for 4DGEA and for our other investors.”
Mr. Sayer added, “AME is uniquely positioned as the oldest independent oil and gas company in Turkey, with in-depth knowledge, data and expertise in the region, and will look to continue to develop its core business, participating in several existing Joint Ventures in South East Turkey, exploiting its new oil discoveries, and participating in new projects in Turkey and the surrounding region. AME, strengthened by 4DGEA, is well positioned to capitalize on both conventional and unconventional oil and gas production opportunities in Turkey, and to benefit from the country’s favorable fiscal terms. This is indeed a new and exciting chapter in AME’s long history.”
Tighe Noonan, the founding partner of 4DGEA, said, “We are extremely pleased at the prospect of working together with Cem and his team both at the Board and Shareholder levels, and of bringing our experience and industry knowledge to the Company as Cem seeks to grow the business. Under his leadership, we are confident that AME will be able to fully deploy its exceptional asset base and to fulfill the aspirations of its visionary Founders.
Mr. Tighe Noonan and Mr. Emmanuel Bazin, also of 4DGEA, have joined the Board of Directors of AME.Murphy Richards Capital LLP, a London based, FSA regulated corporate finance house introduced 4DGEA and advised AME on the transaction.