United Kingdom, 2 December 2014.
RAK Petroleum plc, the Oslo-listed oil and gas investment company, increased its stake in Côte d'Ivoire Block CI-27 to 9.1 percent following the acquisition by Foxtrot International LDC and other members of the joint venture of their pro-rata shares of the 12 percent interest previously held in the block by Energie de Côte d'Ivoire SA. The transaction closed 1 December 2014.
RAK Petroleum's share of the purchase price was USD 10.6 million (subject to certain cash and working capital adjustments). The Company has a one-third ownership of Foxtrot International held through Mondoil Enterprises LLC. Following the transaction, Foxtrot International holds a 27.5 percent interest in the block of which it is the operator.
Development of the previously discovered Marlin oil and gas field and the nearby Manta gas field is on track following the successful installation last month of the jacket over the Marlin field, part of a four-year, USD 1 billion, expansion program on Block CI-27. Once completed, the platform, the second production platform on the block, will support development of both fields and increase deliverability from Block CI-27 commencing in 2015. The first platform on Block CI-27, in operation since 1999, currently processes a daily average of 145 million cubic feet of gas, 70 percent of Côte d'Ivoire's total, and 1,000 barrels of oil and condensate from the Foxtrot and Mahi fields.
Also in November, Foxtrot International commenced drilling of the Marlin North 1 well to test the existence of a commercial Cenomanian accumulation north of the Marlin oil and gas field. The well is located in water depths of about 60 meters and will be completed in January 2015.
For further queries, please contact:
Kevin Toner, Managing Director
RAK Petroleum plc
About RAK Petroleum plc
RAK Petroleum plc is an Oslo Stock Exchange listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 42.8 percent of DNO ASA and 33.33 percent of Foxtrot International LDC held through Mondoil Enterprises LLC.
DNO ASA is a Norwegian oil and gas operator active in six countries in the Middle East and North Africa. Shares in the company have traded on the Oslo Stock Exchange since 1981. DNO ASA is headquartered in Oslo with more than 1,000 employees and contractors worldwide. Foxtrot International LDC is a privately-held company active in West Africa whose principal asset is a 27.5 percent interest in and operatorship of Block CI-27 offshore Cote d'Ivoire. Block CI-27 contains the two largest producing gas fields in the country, meeting over 70 percent of Cote d'Ivoire's needs.