RAK Petroleum Announces Second Quarter Profit

RAK Petroleum Announces Second Quarter Profit
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Published August 11th, 2010 - 10:06 GMT

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RAK Petroleum Public Company Limited, the oil and gas exploration and production company today announced a net profit of AED 9.6 million for the quarter ended 30 June 2010 (unaudited), its fifth consecutively profitable quarter. The Company posted a net profit of AED 40.1 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 percent interest in this block with Korea's LG International Corporation holding the other 50 percent.

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 percent 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. 

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