On Tuesday, Dana Gas PJSC and Crescent Petroleum, joint operators of the Pearl Petroleum Consortium, which operates the Khor Mor gas field in the Kurdistan Region, announced the successful placement of a $500 million senior secured bond that will help to develop fields in Khor Mor and Chamchamal.

“This successful bond placement demonstrates international confidence in Pearl Petroleum and in the future of Iraq’s natural gas sector. With KM250 completed, we remain committed to the

development of Khor Mor and Chemchemal fields, strengthening energy security and energy supply for millions, and supporting Iraq’s economic growth,” Majid Jafar, CEO of Crescent Petroleum and Board Managing Director of Dana Gas, said.

“Raising $500 million in today’s challenging global financing environment is an excellent result. The level of demand allowed us to increase the issue size and has given Pearl Petroleum the funding flexibility to refinance its existing bond and pursue its next phase of growth for the benefit of the people of Iraq,” Dana Gas CEO Richard Hall added.

The two companies also said that proceeds will be used to refinance Pearl Petroleum’s existing $350 million senior secured bond, fund the required debt service reserve arrangements, and support further development at Khor Mor and Chamchamal and general corporate purposes.