RAK Petroleum, the oil and gas exploration and production company, has posted a net profit of Dh20 million ($5.44 million) for the third quarter ended September 30, 2010.

For the first nine months of 2010, the coompany has recorded a net profit of Dh60 million compared with Dh29.5 million for the full year 2009.

'We are pleased to report the Company’s sixth consecutively profitable quarter as we continue to build a strong platform for future growth,' said Bijan Mossavar-Rahmani, chairman of the board of directors and chief of RAK Petroleum.

Turning to other blocks in which RAK Petroleum has an interest, Mossavar-Rahmani noted that the company had recently acquired an additional 60 per cent interest in the Saleh gas field in Ras Al Khaimah and would commence redevelopment operations in the fourth quarter.

The company also announced that the Zad 2 exploration well in Block 47, Sultanate of Oman, had spudded on October 9 and would take three months to drill to the target depth of 4200 meters.

Dr Zalmay Khalilzad was confirmed as a director of the board by shareholder vote.

Shareholders also voted to give the board at its discretion the right to raise capital through issuance and private placement(s) of the 2 billion additional authorised but unissued shares.-TradeArabia News Service