Delonex Energy, an exploration and production company focused on Central and East Africa, has announced that an affiliate of Warburg Pincus, a global private equity firm focused on growth investing, has agreed to lead an investment of up to $600 million in the company.
Delonex Energy is focused on leveraging technology, execution and market access in order to discover, develop and commercialize hydrocarbons. The company’s key strategic areas include 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. Delonex Energy plans on accessing opportunities in these areas through farm-in and direct awards from host governments.
Rahul Dhir, CEO of Delonex commented, “I am excited to be launching an African E&P company with backing from Warburg Pincus. There is significant, underexplored resource potential in Central and East Africa, and our team has the experience, technology and capital to unlock these hydrocarbon resources and create value for our host governments. Warburg Pincus is one of the leading investors globally in the energy sector and has an impressive track record of investing in and building companies in emerging markets. The deep experience that Warburg Pincus has in supporting energy companies across the world as well as its expertise in emerging markets will be invaluable to us as we go forward.”
Somit Varma, managing director of Warburg Pincus said, “We are pleased to be working with the Delonex management team. 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.”
