Arab Today, arab today rak petroleum assets in merger with dno
Last Updated : GMT 16:01:49
Arab Today, arab today
Arab Today, arab today

RAK Petroleum assets in merger with DNO

Arab Today, arab today

Arab Today, arab today RAK Petroleum assets in merger with DNO

Stockholm - Arabstoday

Norwegian oil company DNO International yesterday said it has signed a definitive agreement to merge RAK Petroleum\'s oil and gas operating companies into the Norwegian company, completing talks that started in July. Under the proposed transaction, the Middle East and North African operations of UAE-based RAK Petroleum Public Company Limited will be merged into a subsidiary of DNO in exchange for DNO shares to be issued to RAK Petroleum. The shares will be issued at 9.50 Norwegian crowns (Dh6.44) a share, valuing DNO at $1.64 billion (Dh6 billion), against a value of RAK Petroleum assets\' of $250 million. In July, the company had said shares would be issued at a value between 8.25 crowns and 10 crowns per share while RAK\'s assets would be valued at between $250 million and $300 million. \"By combining our two companies\' assets and people, the enlarged DNO International will be positioned not only to extract greater value from the existing exploration and production properties but to play an even more active role in the Middle East and North Africa (Mena) region,\" DNO managing director Helge Eide said in a statement. Kurdistan expansion He added that DNO is committed to further expanding its operations in Iraq\'s Kurdistan Region. DNO in July said it aims to list the enlarged company on the London Stock Exchange and exit its Oslo listing. On a conference call yesterday, Eide said the intention is to list the company in London in 2012. He said DNO investments in development are expected to amount to $36 million during the second half of 2011 while investments in exploration is seen at $24 million. Investments for RAK\'s Middle East and North African operations is estimated at $40 million for development and $10 million for exploration during the period July to December, and at $64 million next year. DNO\'s current working interest production averages 45,000 barrels per day of oil equivalent, while the immediate production from RAK will be around 7,500 barrels per day. Output from RAK\'s operations could double in 2012, Eide said. At 0943 GMT shares traded 4.3 per cent higher at 5.71 crowns in a lower overall market.  

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