Warburg Pincus to lead $600m investment in Delonex Energy


oil_derrick_170sqPrivate equity firm Warburg Pincus has agreed to lead a $600m investment round for oil and gas exploration and production company Delonex Energy.

The company is led by CEO Rahul Dhir, who was recently an executive-in-residence at Warburg Pincus, where he worked with the firm to formulate Delonex’s business plan.

Denolex is focused on the East African Continental Rift System, which extends from the Red Sea through Ethiopia, Kenya, Uganda, Tanzania to Mozambique; the Central African Rift System from Chad to South Sudan, and the coastal margins of East Africa.

Warburg Pincus managing director Somit Varma said, “The team has pioneered innovative applications of technology and brings a strong focus on disciplined execution and low-cost operations.

“Along with their knowledge of Africa and a successful track record in similar basins around the world, we believe this team is well positioned for exploration success in Central and East Africa.

“We look forward to supporting the Company as it seeks new opportunities in this important part of the world.”

It was recently reported that Warburg-backed oil and gas company Antero Resources was looking to raise up to $1bn via an IPO.

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