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RAK Petroleum.....share price was $10.6m

RAK Petroleum increases Côte d’Ivoire stake to 9pc

RAS AL KHAIMAH, December 2, 2014

RAK Petroleum, the Oslo-listed oil and gas investment company, has increased its stake in Côte d’Ivoire Block CI-27 to 9.1 per cent following the acquisition by Foxtrot International and other members of a joint venture.

The joint venture members hold pro-rata shares of the 12 percent interest previously held in the block by Energie de Côte d’Ivoire, said a statement.

The transaction closed on December 1, it said.

RAK Petroleum’s share of the purchase price was $10.6 million, subject to certain cash and working capital adjustments.

The company has a one-third ownership of Foxtrot International held through Mondoil Enterprises. Following the transaction, Foxtrot International holds a 27.5 per cent interest in the block of which it is the operator.

Development of the previously discovered Marlin oil and gas field and the nearby Manta gas field is on track following the successful installation last month of the jacket over the Marlin field, part of a four-year, $1 billion, expansion programme on Block CI-27, said the statement.

On completion, the second production platform on the block, will support development of both fields and increase deliverability from Block CI-27 commencing next year.

Foxtrot International commenced drilling of the Marlin North 1 well to test the existence of a commercial Cenomanian accumulation north of the Marlin oil and gas field in November.  The well is located in water depths of about 60 meters and will be completed in January next year. - TradeArabia News Service




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