United Kingdom, 13 September 2022
Reference is made to the 22 August 2022 announcements by RAK Petroleum plc (the
"Company") of its plan to transfer the Company's interest in Mondoil
Enterprises LLC to DNO ASA ("DNO") for 78,943,763 new DNO shares, following
which the Company would transfer all its DNO shares and cash to its shareholders
through a UK court-approved capital repayment and then delist and voluntarily
liquidate the Company.
The extraordinary general meeting of DNO today passed a resolution approving
DNO's issuance of the new DNO shares to the Company.
The Company's plan and issuance of the new DNO shares in accordance with the DNO
resolution remain subject to further conditions for completion of the
transaction agreement with DNO, including, but not limited to, approval by the
Company's shareholders of the resolutions proposed for the Company's general
meeting convened for 21 September 2022 and confirmation by the courts of England
and Wales of the capital repayment under the plan, all as further set out in the
Company's announcements on 22 August 2022 and the shareholder circular of the
same date.
For further queries, please contact:
Kevin Toner
RAK Petroleum plc
Email: kevin.toner@rakpetroleum.uk
About RAK Petroleum plc:
RAK Petroleum plc is an Oslo Stock Exchange listed oil and gas investment
company established under the laws of England and Wales as a public limited
company. Its principal holdings are 44.94 percent of DNO ASA and 33.33 percent
of Foxtrot International LDC held through Mondoil Enterprises, LLC. DNO ASA is
a Norwegian oil and gas operator focused on the Middle East and the North Sea.
Founded in 1971 and listed on the Oslo Stock Exchange, DNO holds stakes in
onshore and offshore licences at various stages of exploration, development and
production in the Kurdistan region of Iraq, Norway, the United Kingdom,
Netherlands and Yemen. Foxtrot International LDC is a privately held company
active in West Africa whose principal asset is a 27.27 percent interest in and
operatorship of Block CI-27 offshore Côte d'Ivoire.
Important notice:
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements according
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by Kevin Toner, Managing Director, on behalf of the
Company on the time and date set out above.
The distribution of this announcement and other information in connection with
the Transaction may be restricted by law in certain jurisdictions. The Company
assumes no responsibility in the event there is a violation by any person of
such restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions.
This release contains certain forward-looking statements within the meaning of
the securities laws and regulations of various international, federal, and state
jurisdictions. All statements, other than statements of historical fact,
included herein, including without limitation, statements regarding the Plan,
future plans and objectives of the Company are forward-looking statements that
involve risk and uncertainties. There can be no assurances that such statements
will prove to be accurate and actual results could differ materially from those
anticipated in such statements. As stated above, various matters in the Plan are
subject to approval by, inter alia, courts in the United Kingdom, the Oslo Stock
Exchange, the shareholders of DNO and the Company's shareholders. There can be
no assurance that such approvals will be forthcoming or obtained on the dates
projected.