Dubai: RAK Petroleum will apply to launch an initial public offering on Norway's Oslo Børs. The company's assets include a 42.8% shareholding in DNO ASA , the Oslo-listed oil and gas company with operations in the Middle East, and a 100% interest in Mondoil Enterprises which holds an indirect 33.33% stake in Foxtrot International, operator and 24% stakeholder in Cote d'Ivoire Block 27 containing the country's two largest producing gas fields.
"Last year was a banner year for RAK Petroleum and its shareholders with significant growth in our DNO ASA investment and the addition of a growing portfolio of exploration and production assets offshore West Africa," said Bijan Mossavar-Rahmani, the company's chairman and ceo.
Immediately prior to the listing, RAK Petroleum will transfer substantially all of its assets, liabilities and business to a new UK company, RAK Petroleum plc, as part of a reorganisation approved by shareholders in May 2013. RAK Petroleum plc will be the listing entity with shareholders of RAK Petroleum receiving shares in the new entity pro rata to their current shareholding in the company.
The current target is for RAK Petroleum plc to raise the equivalent of $25m through issuance of new shares. Current shareholders have also been offered the opportunity to place their shares into the offering.
Completion of the offering is expected to take place in November 2014. [08/10/14]
