Sunday 20 April 2014
 
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RAK Petroleum wins approval for restructuring

RAK Petroleum, a UAE-based energy investment company, said it had won approval from its shareholders to restructure the company and its subsidiaries and also seek a listing on an international stock exchange. The proposed restruct

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DNO inks Somaliland production sharing deal

DNO International, the Norwegian oil and gas company, said it has entered into a production sharing contract (PSC) covering block SL18 onshore Somaliland adding substantial exploration acreage to its portfolio. The President of Somali

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RAK Petro announces third year of profit

RAK Petroleum, a leading oil and gas exploration and production company, has announced its third consecutive year of profitability registering a Dh15.7 million ($4.27 million) full year net profit for 2011. Announcing the results for the y

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DNO shareholder seeks to block RAK takeover

A disgruntled shareholder group has sought a court injunction to block Norwegian oil company DNO's takeover of Emirates-based RAK Petroleum, a legal maneuver analysts said had little chance of success.      DNO, w

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Rak Petroleum posts $24m Q3 profit

Rak Petroleum, a leading oil and gas exploration and production company, has posted a net profit of Dh91.8 million ($24.9 million) for the third quarter on a turnover of Dh107.2 million. This profit figure for the quarter ended September 3

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Rak Petroleum sees DNO merger early next year

UAE-based Rak Petroleum Public Company said its merger with Norway’s DNO International was on track for close in early next year after the company won approval from its investors. The Ras Al Khaimah-based company said its shareholders

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DNO unveils big Gulf, Iraq acquisition plans

Norwegian oil company DNO could buy more oil and gas assets in Iraq, Yemen, the UAE, Oman and Tunisia once it completes the $250 million acquisition of assets from UAE-based RAK Petroleum, said its chairman on Wednesday. DNO had agreed to

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DNO buys RAK Petro assets for $250m in shares

Norwegian oil firm DNO International said it would buy oil and gas fields from UAE-based RAK Petroleum for $250 million of DNO stock, after pricing its shares towards the upper end of a previously announced range. The company also said it

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RAK Petroleum posts Q2 net profit of $13m

RAK Petroleum, a leading oil and gas company, has posted a net profit of Dh48.4 million ($13.17 million) for the quarter ended June 30 on turnover of Dh118.9 million. The profit figure comes after equity accounting for its share of the pro

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DNO ups Iraq reserves amid merger talks

Norwegian oil firm DNO  has upped the estimated size of its prize Tawke field in Iraqi Kurdistan, strengthening the hand of DNO shareholders in merger talks with Rak Petroleum of the UAE. "After this third-party review by our external

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