Genel Energy plc (LSE:GENL) reached an agreement to acquire an unknown stake in Sarta and Qara Dagh License in Iraq from Chevron Corporation (NYSE:CVX) on January 21, 2019. Genel Energy will acquire 30% stake in Sarta License and 40% stake in Qara Dagh License. Closing is subject to approval from the Kurdistan Regional Government.

As of February 28, 2019, the approval has been given by the Kurdistan Regional Government. Ben James, Adam Waszkiewicz and Catherine Todd of Bracewell LLP acted as the legal advisors to Genel Energy.