TAQA disposes of stake in WesternZagros
30 November 2012, Abu Dhabi, United Arab Emirates - Abu Dhabi National Energy Company PJSC (TAQA) today disposed of its entire holding in WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") which holds two oil and gas production sharing contracts in the Kurdistan Region of Iraq.
TAQA purchased 74 million common shares in WesternZagros at CDN$0.63 per share for a total amount of CDN$46.6 million in October 2011. TAQA completed the disposal in a single block trade prior to the opening of the TSX Venture Exchange on 30 November for a total consideration of CDN$85.1 million. Prior to the disposal, TAQA held 17.98% of WesternZagros’ issued and outstanding common shares