RAK Petroleum to Farm-out Oman Block to Repsol

RAK Petroleum will farm-out a 50% interest in Block 47 onshore Oman to Repsol Exploracion, subject to Government approval.

The two firms will drill the Zad prospect and spud a well in October 2010.

The well is estimated to take three months to drill at the Amin sandstone reservoir, similar to the Kauther field discovered by Petroleum Development of Oman.

RAK Petroleum Chairman and CEO Bijan Mossavar-Rahmani said that, while the Zad prospect is purely an exploration play, it is conveniently located close to gas and oil pipelines and presents a favourable development opportunity if a discovery is made.

RAK Petroleum will continue to operate the block.