Rns released- check it13 Apr 2009 15:58
DUBAI, April 13 (Reuters) - UAE-based RAK Petroleum PLC has acquired the stakes held by UK-based Indago Petroleum in two Omani oil blocks, RAK Petroleum said in a statement on Monday.
RAK already held 50 percent stakes in the blocks but took the rest from Indago as it wanted to drill a well in one of the blocks this year, General Manager Alain Duport told Reuters in a telephone interview.
'Indago wanted to keep the cash instead of drilling on these blocks,' Duport said. 'It is our intention to go ahead.'
RAK will spend around $15-20 million on a well this year and the same again on another next year, he added.
Indago paid RAK $3.5 million to be released from all obligations on the blocks, RAK said in the statement.