RAK Petroleum announces $54.8mln profit for 2017

Company currently holds interests in 2 oil and gas companies, DNO ASA and Foxtrot International LDC


OSLO – Oslo-listed RAK Petroleum plc has achieved a consolidated net profit of US$ 54.8 million for 2017, according to its annual report, issued today.

At 31st December 2017, total cash and cash equivalents of the company stood at US$ 3.4 million and including its wholly-owned subsidiaries stood at US$23.8 million, according to the report.

The company’s bank debt was US$30.6 million, drawn from a lending arrangement with a leading bank in the United Arab Emirates.

The company currently holds interests in two oil and gas companies, DNO ASA, also Oslo-listed, and the privately-held Foxtrot International LDC.

As at 31st December 2017, the Company indirectly owned 40.45 percent of the total outstanding shares of DNO and indirectly owned 33.33 percent of Foxtrot International.

DNO ASA is a Norwegian exploration and production company focused on the Middle East-North Africa region, including the Kurdistan region of Iraq, Yemen, Oman, Tunisia and Somaliland, and the North Sea.

The principal asset of Foxtrot International LDC is a 27.27 percent interest in and operatorship of Block CI-27 offshore Ivory Coast. DNO achieved oil and gas output of 113,530 barrels of oil equivalent per day ("boepd") in 2017, up one percent from 2016, on a gross operated basis.

Foxtrot produced a daily average of 140 million standard cubic feet ("mmscf") of gas in 2017, or nearly three-quarters of the total production of the Ivory Coast, from four offshore fields tied back to two fixed platforms.

© Copyright Emirates News Agency (WAM) 2018.

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