RAK Petroleum, the UK-registered and Oslo-listed oil and gas investment company, has announced a consolidated net profit of $31 million for the first six months of the year compared to a full year figure of $54.8 million last year.

 

The company holds a 40.45 per cent interest in DNO, also listed in Oslo, an exploration and production company focused on the Middle East, including the Kurdistan region of Iraq and offshore of Oman’s Musandam peninsula, and the North Sea, and a 33.33 per cent interest in Foxtrot International, an unlisted company operating an offshore gas field in the Ivory Coast.

 

Executive Chairman Bijan Mossavar-Rahmani said in a statement that the company seeks "to continue to identify additional undervalued oil and gas assets or companies in which to build a shareholding and then initiate a deep and active engagement with management to unlock value by building on our experience, our expertise and our extensive network of public and private sector relationships."