RAK Petroleum announces US $ 31 million half-year profit

Fri 14-09-2018 12:08 PM

OSLO, Norway, 14th September, 2018 (WAM) – RAK Petroleum, the UK-registered and Oslo-listed oil and gas investment company, announced today a consolidated net profit of US$ 31 million for the six months to 30th June 2018, compared to a full year figure for 2017 of US $ 54.8 million.

The company holds a 40.45 per cent interest in DNO, also listed in Oslo, an exploration and production company focused on the Middle East, including the Kurdistan region of Iraq and offshore of Oman’s Musandam peninsula, and the North Sea, and a 33.33 per cent interest in Foxtrot International, an unlisted company operating an offshore gas field in the Ivory Coast.

RAK Petroleum’s Executive Chairman, Bijan Mossavar-Rahmani, said in a statement that the company seeks “to continue to identify additional undervalued oil and gas assets or companies in which to build a shareholding and then initiate a deep and active engagement with management to unlock value by building on our experience, our expertise and our extensive network of public and private sector relationships.”

WAM/Tariq alfaham

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