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News of Interest
3 November 2011: At today's Extraordinary General Meeting RAK Petroleum Public Company Limited shareholders re-elected Bijan Mossavar-Rahmani as a Director for a further term expiring on 3 September 2014.
24 October 2011: RAK Petroleum Public Company Limited completed drilling of the Wadi Jiffra A-1 exploration well on Block 31, onshore Sultanate of Oman, which was spudded on 17 August and reached total depth of 3250 meters. Cretaceous carbonate objectives were encountered 120 metres higher than expected with gas shows recorded while drilling, good reservoir development and log porosities. The well seismic calibration indicates that a notable upside exists, with similar prospects also identified nearby within the block acreage. This first well has been temporarily suspended while applications are submitted for permits to use oil-based drilling mud in order to evaluate side-track operations to access updip potential.
3 July 2011: At the Saleh gas condensate field offshore Ras Al Khaimah, RAK Petroleum commenced well reentry, deepening and testing of the Saleh-5 well.
28 April 2011: RAK Petroleum Public Company Limited and RAK Gas LLC signed an agreement transferring the remaining 60 percent interest in the RAK B field offshore Ras Al Khaimah, United Arab Emirates, to the Company in exchange for its 100 million shares in RAK Airways PJSC. RAK Gas has a back-in right of up to 30 percent, in a transaction structured similar to the Saleh field exchange agreement concluded in October 2010.
28 April 2011: The Fifth Ordinary General Meeting of RAK Petroleum Public Company Limited was held in Ras Al Khaimah. Shareholders approved the 2010 Audited Financial Statements and the Auditors' Report and reappointed Ernst & Young as the Company's auditors for 2011.
10 March 2011: Bijan Mossavar-Rahmani, RAK Petroleum Public Company Limited's Chairman of the Board and CEO, is elected a Director of DNO International ASA with 99.88 percent of the shares voting in favour at a specially convened Extraordinary General Meeting held in Oslo, Norway.
15 January 2011: RAK Petroleum Public Company Limited completed drilling of the Zad-2 exploration well on Block 47, Sultanate of Oman, after reaching a total depth of 3,885 metres. The well confirmed the presence of a reservoir bearing hydrocarbons with a vertical closure of up to 200 metres. Additional tests are needed to evaluate the quality, size and commercial potential of this reservoir.
28 November 2010: RAK Petroleum Public Company Limited announces cumulative production of 5 million barrels of crude oil from the West Bukha field.
4 October 2010: At the Extraordinary General Meeting of RAK Petroleum Public Company Limited held in Ras Al Khaimah, shareholders voted in favour of: confirming Dr. Zalmay Khalilzad as the seventh member of the Board of Directors; providing an annual compensation fee to the non-executive members of the Board payable quarterly and commencing in 2011; and giving the Board of Directors discretion to raise capital through private placement(s) of the remaining two billion authorized but unissued shares in the Company.
6 August 2010: RAK Petroleum Public Company Limited announces cumulative production of 4 million barrels of crude oil from the West Bukha field.
27 July 2010: Two stranded recreational divers were rescued in the Strait of Hormuz by a boat under contract to RAK Petroleum Public Company Limited. The divers, a man and a woman, had been wreck diving and when they came back to the surface, their boat had moved off location and the divers were set adrift in the strong currents. Some two hours later, the crew of the Topaz Fujairah, returning from the West Bukha and Bukha platforms, noticed the divers in distress and quickly altered course to recover them. The crew offered the two dry clothes, drink and food and carried them safely to shore.
28 June 2010: RAK Petroleum Public Company Limited reports that the Bukha field has been returned to production at an average daily rate of 10 million cubic feet of gas and 280 barrels of condensates. As a result, the Company is producing at record levels of 10,000 barrels a day of oil and 40 million cubic feet a day of gas from its two operated offshore fields in Oman Block 8.
28 June 2010: Ambassador Zalmay Khalilzad is appointed to the RAK Petroleum Public Company Limited Board of Directors.
17 June 2010: RAK Petroleum Public Company Limited’s Shelley Watson is elected a Director and Vice Chairman of the Board of DNO International ASA at the company’s Annual General Meeting held in Oslo, Norway.
10 June 2010: The first exploration well to be drilled by RAK Petroleum Public Company Limited (30 percent) and its partners on Tunisia’s Hammamet Block, Fuschia-1, encountered a 16 metre column of gas bearing sands at a depth of 2,300 metres, the commerciality of which is being reviewed. The partners have applied for an extension of the licence term to continue their evaluation of this offshore block.
6 May 2010: The Fourth Ordinary General Meeting of RAK Petroleum Public Company Limited was held in Ras Al Khaimah. Amir Ali Handjani was elected to the Board of Directors.
5 May 2010: The Board of Directors accepted the resignation of Abdul Aziz Al Ghurair from its ranks with deep and enduring appreciation for his leadership over the past four years and elected Bijan Mossavar-Rahmani as Chairman of the Board of Directors and Chief Executive Officer of RAK Petroleum Public Company Limited.
29 April 2010: RAK Petroleum Public Company Limited discloses that it has acquired additional shares in DNO International ASA. As a result of the acquisition, RAK Petroleum’s holding of shares in DNO International ASA has reached the 30 percent disclosure threshold. Following the acquisition, RAK Petroleum holds 271,457,075 ordinary shares in DNO International ASA, representing 30 percent of the shares and votes in the company on an undiluted basis (based on a total of 904,856,912 shares outstanding).
22 March 2010: RAK Petroleum Public Company Limited discloses that it has acquired additional shares in DNO International ASA and crossed the 20 percent disclosure threshold. Following the acquisition, RAK Petroleum holds 185,726,286 ordinary shares in DNO International ASA, representing 20.5 percent of the shares and votes in the company on an undiluted basis (based on a total of 904,856,912 shares outstanding).
4 January 2010: Hamrat Duru 4 appraisal well commences drilling in Block 30 to test commerciality of gas in the Shuaiba reservoir. The field is one of several small gas fields on the block planned for development by 2012, subject to definitive agreements with the Sultanate of Oman.
24 December 2009: RAK Petroleum Public Company Limited announces cumulative production of 2 million barrels of crude oil from the West Bukha field.
20 December 2009: RAK Petroleum Public Company Limited reports that the gas plant operated by RAK Gas LLC onshore Ras Al Khaimah has successfully completed de-bottlenecking of its gas sweetening facilities which should allow an increase in production of crude oil and gas from the West Bukha field of at least one-third.
17 December 2009: RAK Petroleum Public Company Limited discloses that it has acquired additional shares in DNO International ASA and crossed the 10 percent disclosure threshold. Following the acquisition, RAK Petroleum holds 90,486,000 ordinary shares in DNO International ASA, representing 10 percent of the shares and votes in the company on an undiluted basis (based on a total of 904,856,912 shares outstanding).
16 November 2009: RAK Petroleum Public Company Limited announces that it has acquired 8,000 shares in DNO International ASA, as a result of which its holdings in DNO International crossed the five percent disclosure threshold. Following the acquisition, RAK Petroleum holds 45,250,000 ordinary shares in DNO International, representing a 5.0008 percent stake in the company on an undiluted basis. DNO International’s principal petroleum producing properties are located in the Kurdish Region of Iraq and the Republic of Yemen.
30 July 2009: RAK Petroleum Public Company Limited announces milestone of first one million barrels of crude oil lifted from the West Bukha field.
7 June 2009: East Sajaa exploration well plugged and abandoned as a dry hole after drilling to a total depth of 14,108 feet in 43 days.
25 May 2009: West Bukha platform visited and officially inaugurated by HE Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, Sultanate of Oman.
23 April 2009: Third Ordinary General Meeting of the Company held in Ras Al Khaimah. Ahmed Jamal Jawa, President and CEO of Starling Holding, and Saeed Khoory, Group Chief Executive of ENOC, join Board of Directors.
17 April 2009: Drilling commences of an exploration well at East Sajaa, Emirate of Sharjah, and is expected to last 100 days before reaching total depth.
16 April 2009: RAK Petroleum Public Company Limited reports first lifting of crude oil produced from West Bukha with a cargo totaling 300,000 barrels.