RAK Petroleum Announces Farm-Out Agreement With Repsol in Block 47 Oman

DUBAI, UAE, August 16, 2010 /PRNewswire/ -- RAK Petroleum Public Company Limited, the oil and gas exploration and production company, today announced the farm-out of a 50 percent interest in Block 47 onshore the Sultanate of Oman to Repsol Exploracion, S.A., subject to Government approval. RAK Petroleum will retain operatorship of the Block.

"Repsol is a partner of choice for RAK Petroleum, bringing a wealth of experience and expertise to this project," noted Bijan Mossavar-Rahmani, Chairman and CEO of RAK Petroleum.

The partnership plans to drill the Zad prospect with the well expected to spud in October 2010. The well is estimated to take three months to drill and is targeting the Amin sandstone reservoir, similar to the Kauther field discovered by Petroleum Development of Oman to the southeast of the Block.

"While the Zad prospect is purely an exploration play, it is conveniently located close to both gas and oil pipelines and presents a favourable development opportunity if a discovery is made," said Mossavar-Rahmani.

RAK Petroleum Public Company Limited is registered in the Free Trade Zone of the Emirate of Ras Al Khaimah and is operator of seven blocks in the Sultanate of Oman and in the United Arab Emirates, of which one is in the production phase, three are in the exploration phase, and three are undergoing appraisal for possible development/redevelopment. RAK Petroleum also has a non-operated 30 percent interest in the Hammamet Offshore license in Tunisia and a 30 percent shareholding in the publicly-traded Norwegian oil and gas company DNO International ASA (http://www.dno.no), whose principal producing properties are located in the Kurdistan Region of Iraq and the Republic of Yemen.

SOURCE RAK Petroleum

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