UAE-based energy investment company RAK Petroleum has posted a net profit of AED 81.3 million (US$22.1 million) for the first quarter of 2012
The result marked the fourth successive year the company has made a profit in Q1 and followed the release of DNO International’s quarterly financial and operating results.
“We are pleased with our investment in DNO International, our single largest asset, and will continue to do what we can to support their management team, including many former RAK Petroleum staff, to build on the solid performance so far this year,” said RAK Petroleum chairman of the board of directors and chief executive officer Bijan Mossavar-Rahmani.
“Integration of RAK Petroleum’s former operating subsidiaries into DNO International is now complete following legal closure of the merger in January 2012 and an organised handover and restructuring of key management positions,” noted Mossavar-Rahmani, who also acts as executive chairman of DNO International, in which RAK Petroleum holds a 42.8 per cent ownership stake.
RAK has cited the results DNO has enjoyed at the Tawke field in Kurdistan as largely behind the profit announcement, with successful drilling and increased production at the site doubling its number of reserves since the end of 2010.
DNO International recently announced an increase in its remaining proved plus probable company working interest reserves to 502 million barrels of oil and 165 billion cubic feet of gas at 31 March 2012, up from 372 million barrels of oil at year end 2011.
