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OSLO / WAM
Oslo-listed RAK Petroleum has announced a consolidated net comprehensive income of $65.7 million for the half-year to June 30, compared to a net comprehensive income of $166.4 million for the full year 2018.
RAK Petroleum’s main assets are holdings in DNO, also listed in Oslo, and privately-held Foxtrot International.
RAK Petroleum owns 40.45 percent of DNO, a Norwegian company focused on the Middle East and European North Sea, and 33.33 percent of Foxtrot International, whose major asset is a share in a gas-producing block offshore Ivory Coast in West Africa.
The company’s Executive Chairman, Bijan Mossavar-Rahman, who is also Chairman of DNO and Foxtrot, said in a statement that the company’s bank debt was $18.4 million, drawn from a lending arrangement with a leading bank in the UAE.
Net equity to June 30 stood at $871.2mn compared with $835.5mn on December 31, 2018. Operated production in Kurdistan climbed 20% to 126,648 barrels of oil per day in the first half of 2019 compared to 105,962 bopd in the same period a year earlier.