RAK signs new exploration agreement

The Government of Ras Al Khaimah has concluded a concession agreement with RAK Petroleum Al Khaleej, a wholly owned subsidiary of RAK Petroleum, granting it a 25-year petroleum concession in the emirate.

The new concession covers an area of 850 square kilometres on the onshore RAK coastal plain and near shore transition zone. RAK Petroleum intends to target Lower Cretaceous carbonate reservoirs in deep foreland basin structures that follow a structural trend parallel to the fold belt as well as Palaeozoic reservoirs in the northern part of the concession area. The company plans to commence a fast track seismic campaign in 2009.

"We are pleased that a company that bears the name Ras Al Khaimah will have the opportunity to explore for and hopefully develop the hydrocarbon resources of our emirate," said Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.

"We believe that Ras Al Khaimah is both underexplored and prospective. This concession is a natural addition to our portfolio of regional assets," said Bijan Mossavar-Rahmani, Chairman of the Executive Committee and Managing Director of RAK Petroleum. The company currently has interests in four blocks in the UAE and five in the Sultanate of Oman, all of which it operates.

RAK Petroleum is an unlisted public company incorporated in the Ras Al Khaimah Free Zone.

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