United Arab Emirates: 53 minutes agoPRESS RELEASE
RAK Petroleum Public Company Limited, the oil and gas exploration and production company, announced net earnings of Dhs56.3m for the year ended 31 December 2010, compared to Dhs29.5m in 2009, for a second consecutive year of profitability.
"During 2010, the Company again posted record production and operating results while continuing to sharpen its focus on growing a successful Middle East and North Africa oil and gas enterprise," said Bijan Mossavar-Rahmani, Chairman of the Board of Directors and Chief Executive Officer of RAK Petroleum.
"The existing portfolio of exploration and production assets was high-graded, additional non-core financial holdings were divested and the Company's cash holdings were further deployed towards strategic oil and gas investments," added Mossavar-Rahmani.
The Company increased its ownership stake in DNO International ASA (www.dno.no) from 10 to 30% last year. DNO International is a publicly traded Norwegian oil and gas company with assets predominantly in the Middle East (Kurdistan Region of Iraq and Yemen). Under new equity accounting rules for associated companies (shareholding in excess of 20%) RAK Petroleum assumes a proportionate share of DNO International's profit and loss in its own financial results as from 2010. On a stand alone basis, RAK Petroleum's 2010 net earnings stood at Dhs97.0m on turnover of Dhs399.3m.
"I expect our strategic investment in DNO International will realise significant value for our shareholders moving forward," said Mossavar-Rahmani, who joined DNO International's Board of Directors in March.
In announcing RAK Petroleum's financial results, Mossavar-Rahmani also provided an operational review of the year and an update on field activities.
He noted that the Company produced a daily average of 9,250 barrels of oil and associated liquids and 31.2 million cubic feet of natural gas in 2010 from Block 8, Sultanate of Oman, and plans to tap the additional potential of its two operated offshore fields by drilling three new wells on the Bukha and West Bukha fields. RAK Petroleum has a 50% interest in Block 8 with Korea's LG International holding the balance.
Turning to other blocks in which RAK Petroleum has an operating interest, Mossavar-Rahmani said that the recently drilled exploration well in Oman Block 47 to a depth of 3,885 meters confirmed the presence of a reservoir bearing hydrocarbons with a vertical closure of about 200 meters.
Additional tests are needed to evaluate the quality, size and commercial potential of this reservoir, he added.
Following additional sub-surface and facilities studies during 2010, RAK Petroleum plans to re-enter and deepen the S-5 well this summer as the next step in the redevelopment of the Saleh field, offshore the Emirate of Ras Al Khaimah.
http://www.ameinfo.com/261758.html#story
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