Boards of Directors Approve Merger of RAK Petroleum´s MENA Operating Subsidiaries into DNO International

DUBAI, 5 September 2011--RAK Petroleum Public Company Limited, the oil and gas exploration and production company, today announced that following completion of due diligence and agreement on relative valuations, the Boards of Directors of DNO International ASA and RAK Petroleum PCL signed definitive documents on 3 September to merge RAK Petroleum’s oil and gas operating companies into DNO International in exchange for DNO International shares. The transaction values DNO International at USD 1.64 billion corresponding to NOK 9.50 per share and RAK Petroleum’s subsidiaries at USD 250 million.