United Kingdom, 26 October 2015.
RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced today commencement of production by operator Foxtrot International LDC from a second platform on Block CI-27 offshore Côte d'Ivoire. The Marlin-B1ST well, the first well in an initial five-well drilling campaign to develop two previously discovered fields on the block, is currently flowing an average of 1,100 barrels per day of 26 degree API oil through a 35/64 -inch choke.
The new Marlin platform was installed in April 2015 as part of a four-year, USD 1 billion expansion program to bring the Marlin oil and gas field and the Manta gas field on production. The platform will double Block CI-27's hydrocarbons treatment capacity and increase the supply and the reliability of gas deliveries. The first platform on the block has been in operation since 1999 and processes gas and liquids from the Foxtrot and Mahi fields.
The Marlin-B1ST well encountered 62 metres of gross pay in the Cenomanian interval; an 18.5 metre section of this interval was oil bearing, of which a 6.4 metre section has been perforated. The well, drilled in 100 metres of water, reached a total depth of 2,660 metres.
Drilling of the top holes of the remaining wells in this phase of the development program is ongoing.
Through Mondoil Enterprises, LLC, RAK Petroleum has a one-third ownership of Foxtrot International which operates Block CI-27 with a 24 percent direct stake. Other partners on the block are the state oil company, PETROCI SA (40 percent), SECI SA (24 percent) and ENERCI SA (12 percent). Foxtrot International also has a 27.27 percent interest in ENERCI, bringing Mondoil Enterprises' overall stake in Block CI-27 to 9.1 percent.
Gas production from Block CI-27 in 2015 through the end of the third quarter averaged 145 million cubic feet per day. Production of oil and condensates from the block this year has averaged just below 1,000 barrels per day prior to startup of the new well.
For further queries, please contact:
Kevin Toner, Managing Director
RAK Petroleum plc
Email: kevin.toner@rakpetroleum.uk
About RAK Petroleum plc
RAK Petroleum plc is an Oslo Børs listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 40.45 percent of DNO ASA and 33.33 percent of Foxtrot International LDC held through Mondoil Enterprises, LLC. DNO ASA is a Norwegian oil and gas operator active in the Middle East and North Africa. Founded in 1971 and listed on the Oslo Børs since 1981, DNO ASA holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Yemen, Oman, the United Arab Emirates, Tunisia and Somaliland. Foxtrot International LDC is a privately-held company active in West Africa whose principal asset is a 27.27 percent interest in and operatorship of Block CI-27 offshore Côte d'Ivoire.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.