RAK Petroleum announces second quarter profit
Source: BI-ME , Author: Posted by BI-ME staff
Posted: Mon August 9, 2010 9:06 pm



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UAE. RAK Petroleum Public Company Limited, the oil and gas exploration and production company today announced a net profit of AED9.6 million for the quarter ended 30 June 2010 (unaudited), its fifth consecutively profitable quarter.

The Company posted a net profit of AED40.1 million for the first half of 2010, compared with a profit of AED 32.1 million for the first half of 2009.

“We are pleased to announce these results and continue to focus on coaxing value out of our existing assets while aggressively evaluating new opportunities,” said Bijan Mossavar-Rahmani, Chairman of the Board of Directors and CEO of RAK Petroleum.

Mr. Mossavar-Rahmani noted that the Company had set new record production levels during the quarter with a return to production of the Bukha field in Block 8, Sultanate of Oman.

Together, the two offshore fields in Block 8 operated by the Company, Bukha and West Bukha, produced in excess of 10,000 barrels a day of oil and associated liquids and 35 million cubic feet a day of gas.

RAK Petroleum holds a 50% interest in this block with Korea’s LG International Corporation holding the other 50%.

Turning to other blocks in which RAK Petroleum has an interest, Mr Mossavar-Rahmani noted that plans to test the Zad prospect in Oman Block 47 were nearly complete, and that drilling would commence in October, pending final agreement of terms with a potential farm-in partner.

An exploration well on the Hammamet Block in the Republic of Tunisia, in which RAK Petroleum has a non-operated 30% interest, was drilled in May and an analysis of downhole samples showed a mixture of gas and volatile oil. The well was plugged and abandoned as per the original design. The partners in the block have applied for an extension of the license term to continue their evaluation.

RAK Petroleum Public Company Limited is registered in the Free Trade Zone of the Emirate of Ras Al Khaimah and is operator of seven blocks in the Sultanate of Oman and in the United Arab Emirates, of which one is in the production phase, three are in the exploration phase, and three are undergoing appraisal for possible development/redevelopment.

RAK Petroleum also has a non-operating 30% interest in the Hammamet Offshore license in the Republic of Tunisia and a 30% shareholding in the publicly-traded Norwegian oil and gas company DNO International ASA (www.dno.no), whose principal producing properties are located in the Kurdistan Region of Iraq and the Republic of Yemen.

 

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