RAK Petroleum applies for Oslo Børs listing

RAK Petroleum Public Co. Ltd.

RAK Petroleum Public Co. Ltd. intends to launch an initial public offering and to apply for a listing 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 LLC, which holds an indirect 33.33% stake in Foxtrot International LDC, operator and 24% stakeholder in Cote d’Ivoire Block 27 containing the country’s two largest producing gas fields.

The decision to list follows an earlier announcement by the company that 2013 marked a fifth consecutive year of profitability with net profit of AED 58.1 million for the year ended Dec. 31, 2013.

“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 of the board of directors and CEO.

Early in 2014, RAK Petroleum, through Mondoil Enterprises LLC, added to its investment portfolio by acquiring an indirect 9.2% stake in a new exploration block in Cote d’Ivoire and another transaction is pending which will raise the indirect stake in Cote d’Ivoire Block 27 to 9.1%.

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 reorganization 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 IPO will comprise a public offering to institutional and retail investors in Norway and a private placement to certain institutional investors internationally. The current target is for RAK Petroleum plc to raise the equivalent of US$25 million 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 , if market conditions are satisfactory, but is also conditioned on the approval of the listing application by the board of directors of the Oslo Børs and on meeting the requirements for admission to trading, including approval of a prospectus by the Norwegian Financial Supervisory Authority.

ABG Sundal Collier Norge ASA is acting as global coordinator, joint lead manager, and joint bookrunner in the offering, and DNB Markets (a part of DNB Bank ASA) is acting as joint lead manager and joint bookrunner.



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