PRIVATE equity firm Warburg Pincus has agreed to invest up to $600m (£381m) in Delonex Energy, the start-up oil explorer announced yesterday.
Delonex is led by chief executive Rahul Dhir, the former head of oil and gas firm Cairn India, where he steered the helm from the company’s inception to its $2bn IPO and eventual sale to Indian mining group Vedanta Resources.
The financing will be used to tap into resource opportunities in central and east Africa, through farm-in agreements and direct awards from governments.
It is understood that a further investment from Warburg or a public offering of Delonex in the future could be a possibility.
“There is significant, under-explored resource potential in central and east Africa, and our team has the experience, technology and capital to unlock these hydrocarbon resources,” said Dhir yesterday.