RAK Petroleum PCL, an oil and gas exploration and production company, announced on Monday that it has acquired Indago Ventures 31 Limited and Indago Ventures 47 Limited, both wholly-owned subsidiaries of UK-based Indago Petroleum Limited, which hold exploration rights in two concessions in the Sultanate of Oman. The company said in a statement sent to the Saudi Gazette that the acquisition of Indago's 50 percent share in Oman's Block 31 and 47 brings RAK Petroleum's interest in these blocks to 100 percent. RAK Petroleum acquired its existing 50 percent interest in these two concessions from Indago in 2007 as part of a wider transaction including a 40 percent share of Oman's Block 8. Block 8 contains the offshore West Bukha oilfield which came on production in February. As consideration for the latest transaction, Indago made a payment to RAK Petroleum of $3.5 million in relation to a release, subject to certain warranties, from all possible obligations arising from their joint activities and past transactions.RAK Petroleum is well positioned with significant cash reserves and is on the lookout for suitable opportunities to add to our portfolio,” Abdulaziz Al Ghurair, chairman of RAK Petroleum's Board of Directors, said.
