Ras Al Khaimah: Oil and gas exploration and production company RAK Petroleum has announced a net profit of Dh20 million for the quarter that ended September 30, its sixth consecutively profitable quarter.
For the first nine months of 2010, the company posted a net profit of Dh60 million compared with a profit of Dh29.5 million for the full year 2009.
"We are pleased to report the Company’s sixth consecutively profitable quarter as we continue to build a strong platform for future growth," said Bijan Mossavar-Rahmani, Chairman of the Board of Directors and CEO of RAK Petroleum.
Mossavar-Rahmani said the company had recently acquired an additional 60 per cent interest in the Saleh gas field in Ras Al Khaimah and would commence redevelopment operations in the fourth quarter.
The company also announced that the Zad 2 exploration well in Block 47, Sultanate of Oman, had spudded on October 9 and would take three months to drill to the target depth of 4,200 meters. Repsol Exploracion is a 50 per cent non-operating partner in Block 47.
