RAS AL KHAIMAH, UAE – RAK Petroleum plans to launch an initial public offering and to apply for a listing on Norway’s Oslo Børs.
RAK also has a 100% interest in Mondoil Enterprises which holds an indirect 33.33% stake in Foxtrot International, operator of the shallow-water Marlin gas field development off Côte d’Ivoire.
Immediately prior to the listing, RAK Petroleum will transfer most of its assets, liabilities, and business to a new UK company, RAK Petroleum. RAK plans to raise $25 million through issuing new shares. It aims to complete the offering during November.