RAK Petroleum holds an interest in and is operator of four concessions in the Sultanate of Oman and three in the United Arab Emirate of Ras Al Khaimah on which the Company has an extensive work programme covering exploration, appraisal, development and production operations.

The Company also holds an interest in the Hammamet Offshore license, Tunisian Republic.

Exploration and field development expenditure on these blocks in 2010 is expected to approach US$50 million, including the drilling of two exploration wells.

Production from the offshore West Bukha oil/gas field is running at around 10,000 barrels per day of oil and 25 million cubic feet per day of associated gas. The nearby gas/condensate field, Bukha, is producing another 10 million cubic feet per day of gas and 280 barrels per day of associated liquids. Both fields are located in Oman Block 8 and are operated by RAK Petroleum with a 50 percent participating interest.

RAK Petroleum also holds a 30 percent shareholding stake in DNO International ASA, a Norwegian oil and gas exploration and production company listed on the Oslo Stock Exchange whose principal operations are in the Kurdistan Region of Iraq and in Yemen (http://www.dno.no).