Calima Energy owns an 8.5% equity interest in Bahari Holding Company Limited which, holds a 40% interest in a Production Sharing Contract covering Blocks 35,36 and 37 offshore the Union of the Comoros in the Indian Ocean. Bahari is in a joint venture with UK based Discover Exploration Limited (“Discover”) who owns the remaining 60%.
The shareholders of Bahari Holding Company have agreed to sell their 40% interest in Production Sharing Contract covering Blocks 35, 36 and 37 to Discover in exchange for 5% of the enlarged share capital of Discover. Discover is a private equity backed E&P company financed by Carlyle International Energy Partners, a $2.5 billion fund associated with the Carlyle Group. Discovery holds a diverse and substantial portfolio of quality hydrocarbon acreage around the world.