RAK Petroleum PCL, the oil and gas exploration and production company, announced (2 March 2010) that it has signed an agreement to join an offshore exploration license in the Tunisian Republic.
A 30% interest in the Hammamet Offshore license has been acquired by RAK Petroleum from Canadian based firm Storm Ventures International which will retain a 35% operated interest. Cooper Energy of Australia holds the remaining 35% interest in the license. The assignment has been approved by the Tunisian Government.
The Hammamet Offshore license area, awarded in September 2005 under a Production Sharing Agreement, is situated in the Gulf of Hammamet and contains two ready to drill prospects plus several leads. The first well, Fushia 1, is expected to be drilled in the third quarter of 2010, subject to rig availability.
The Fushia prospect is a complex of four structures separated by semi-parallel faults which have been mapped on 3-D seismic. These are on the same northwest trending structural high as South Cosmos field and are flanked to the south by the deep graben that is thought to source South Cosmos oil. The first well will test the fault compartment known as Structure B.
“While the larger field structure is complex, we believe Fushia offers the potential of hundreds of millions of barrels of oil in place if the four fault structures are all proven to contain oil,” noted Bijan Mossavar-Rahmani, RAK Petroleum’s Managing Director and Chairman of its Board of Directors Executive Committee. “A discovery at Fushia would provide a significant boost to the Company’s reserves base,” he added.
RAK Petroleum PCL 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.
In December 2009, the Company disclosed that it had acquired a 10% shareholding in the listed Norwegian company DNO International ASA which operates oil fields in the Kurdistan Region of Iraq and the Republic of Yemen in addition to an active exploration program in several other countries.
“RAK Petroleum is very pleased to make an entry into Tunisia. This is the first exploration project undertaken by RAK Petroleum outside of Oman and the UAE. The Company is looking forward to further expansion in Tunisia and the North African region generally,” stated Abdulaziz Al Ghurair, Chairman of RAK Petroleum’s Board of Directors.
Ras Al Khaimah www.rasalkhaimah.eu
January 4, 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.
December 24, 2009:
RAK Petroleum PCL announces cumulative production of 2 million barrels of crude oil from the West Bukha field.
December 20, 2009:
RAK Petroleum PCL reports that the gas plant operated by Rakgas 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.
December 17, 2009:
RAK Petroleum PCL discloses that it has acquired additional shares in DNO International ASA and crossed the 10 percent disclosure threshold. Following the acquisition, RAK Petroleum PCL 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).
November 16, 2009:
RAK Petroleum PCL 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.
July 30, 2009:
RAK Petroleum announces milestone of first one million barrels of crude oil lifted from the West Bukha field.
June 7, 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
May 25, 2009:
West Bukha platform visited and officially inaugurated by HE Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas, Sultanate of Oman
April 23, 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.
April 17, 2009:
Drilling commences of an exploration well at East Sajaa, Emirate of Sharjah, and is expected to last 100 days before reaching total depth.
April 16, 2009:
RAK Petroleum reports first lifting of crude oil produced from West Bukha with a cargo totalling 300,000 barrels
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