United Kingdom, 11 February 2016.
RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced today that the planned reduction of its share capital pursuant to which the nominal value of each of its 190,052,717 Class A Shares and 137,761,988 Restricted Class A Shares (together, the "Shares") has been reduced from GBP 1.00 to GBP 0.01 (the "Reduction of Capital") has become effective. The Reduction of Capital was approved at the Company's General Meeting held on 22 October 2014 and received approval from the High Court of Justice in England and Wales on 10 February 2016.
As further described in the prospectus published by the Company on 27 October 2014, the Reduction of Capital is a legal and accounting adjustment whose purpose is to create additional distributable reserves.
Following the Reduction of Capital having become effective today, the share capital of the Company is GBP 3,328,169.57, consisting of 190,052,717 Class A Shares, each with a nominal value of GBP 0.01, 137,761,988 Restricted Class A Shares, each with a nominal value of GBP 0.01, 137,761,988 Class B Shares, each with a nominal value of GBP 0.0000001, 87,488,693 Class C Shares, each with a nominal value of GBP 0.0000001 and 50,000 redeemable shares, each with a nominal value of GBP 1.00.
For further queries, please contact:
Kevin Toner, Managing Director
RAK Petroleum plc
About RAK Petroleum plc
RAK Petroleum plc is an Oslo Børs listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 40.45 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 the Middle East and North Africa. Founded in 1971 and listed on the Oslo Børs since 1981, DNO ASA holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland. Foxtrot International LDC is a privately-held company active in West Africa whose principal asset is a 27.27 percent interest in and operatorship of Block CI-27 offshore Côte d'Ivoire.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.