The deal in Iraq’s Kurdistan region, landing Hayward a £14m bonus, involves a merger of Vallares his new investment vehicle and Genel Energy International of Turkey. “Arguably, it [Kurdistan] is the last big onshore ‘easy’ oil province available for exploration by private companies anywhere in the world,” Hayward says. Genel Energy PLC, the combined company, aims to join the FTSE 100 by early 2012 with proved and probable reserves of 356m barrels in a region with potentially 40 bb to be discovered. Mehmet Sepil, the current CEO of Genel, was hit with a record fine of almost £1m for insider trading in February 2010. The second vendor, Mehmet Emin Karamehmet, is appealing an 11 year jail sentence relating to the collapse of a Turkish bank.