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Saturday, April 11, 2009

Eagle Energy (Oman) Limited purchased by RAK

9 April 2009

DUBAI - RAK Petroleum PCL, a leading oil and gas exploration and production company, has announced the purchase of Eagle Energy (Oman) Limited, a wholly-owned subsidiary of UK-based Heritage Oil Limited, for a cash consideration of $28 million.

Eagle Energy holds a 10 per cent interest in Block 8, Sultanate of Oman. The acquisition brings RAK Petroleum’s total shareholding in the block to 50 per cent. RAK Petroleum announced in February 2009 that first production from Block 8’s West Bukha field, located offshore in the Strait of Hormuz, had commenced with an initial capacity of 10,000 barrels per day of 42 degree API gravity oil and 30 million cubic feet per day of associated gas from two wells located in some 25 kilometres off the Musandam Peninsula.

“This acquisition increases our exposure to West Bukha’s potential and also underscores our commitment to investing in the upstream sector in the sultanate of Oman,” said Abdulaziz Al Ghurair, chairman of RAK Petroleum’s board 
of directors.

Between 2006 and 2008, drilling by RAK Petroleum demonstrated significant oil productivity from the Mishriff-Maudud and Thamama reservoirs, leading to the recent completion of field development. 

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