RAK Petroleum reported a slide in profits for the first half of the year, impacted by losses at its subsidiary DNO, coupled with a low oil price environment.
The Oslo-listed company reported a 15 per cent drop in profits for the first six months of the year to US$2.8 million compared to $3.3m the year earlier.
RAK Petroleum owns a 40 per cent stake in Norwegian oil and gas firm DNO and a 33 per cent interest in Foxtrot International, a privately held company that produces 75 per cent of the Ivory Coast's gas needs from offshore fields in the Gulf of Guinea.
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Read more:
DNO restarts spending in Kurdistan, picking up Exxon stake
DNO strikes a new deal in Kurdistan as profits slump in Q2
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DNO has struggled recouping outstanding arrears from the Kurdistan Regional Government (KRG). However, regular payments - including Thursday’s $34.75m for June deliveries - and a new agreement between the parties have resulted in DNO kickstarting its investment in the area.
The Norwegian company announced last week that it picked up half of ExxonMobil’s stake in the Baeshiqa licence on the heels of signing a “landmark agreement” with the KRG to offset arrears. The new terms give DNO a 20 per cent interest from the KRG in the Tawke licence, bringing the company’s operated stake to 75 per cent.
The licence includes the Tawke and Peshkabir fields, producing more than 100,000 barrels of oil per day.
RAK Petroleum’s half year report said that DNO will also receive a monthly sum from the KRG equal to 3 per cent of gross licence revenues for a period of five years as further payment towards the receivables. In addition, DNO is no longer on the hook for funding a $150m water purification plant that the government had initially deemed necessary.
Meanwhile,RAK Petroleum received $14.4m in cash distributions from Foxtrot and reinvested $2.5m toward capital and operating expenditures.
RAK Petroleum said that the principal risks and uncertainties facing the company remain largely unchanged. However, it said that successes in recent military campaigns against ISIL in Iraq and Syria, as well as DNO’s new deal with the KRG, “reduce the risk to DNO and improve the overall oil and gas investment climate in Kurdistan”.
How much of your income do you need to save?
The more you save, the sooner you can retire. Tuan Phan, a board member of SimplyFI.com, says if you save just 5 per cent of your salary, you can expect to work for another 66 years before you are able to retire without too large a drop in income.
In other words, you will not save enough to retire comfortably. If you save 15 per cent, you can forward to another 43 working years. Up that to 40 per cent of your income, and your remaining working life drops to just 22 years. (see table)
Obviously, this is only a rough guide. How much you save will depend on variables, not least your salary and how much you already have in your pension pot. But it shows what you need to do to achieve financial independence.
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
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UAE squad
Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Company%20Profile
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SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
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Jebel Ali results
2pm: Handicap (PA) Dh 50,000 (Dirt) 1,400m
Winner: AF Al Moreeb, Antonio Fresu (jockey), Ernst Oertel (trainer)
2.30pm: Maiden (TB) Dh 60,000 (D) 1,400m
Winner: Shamikh, Ryan Curatolo, Nicholas Bachalard
3pm: Handicap (TB) Dh 64,000 (D) 1,600m
Winner: One Vision, Connor Beasley, Ali Rashid Al Raihe
3.30pm: Conditions (TB) Dh 100,000 (D) 1,600m
Winner: Gabr, Sam Hitchcott, Doug Watson
4pm: Handicap (TB) Dh 96,000 (D) 1,800m
Winner: Just A Penny, Sam Hitchcock, Doug Watson
4.30pm: Maiden (TB) Dh 60,000 (D) 1,600m
Winner: Torno Subito, Sam Hitchcock, Doug Watson
5pm: Handicap (TB) Dh 76,000 (D) 1,950m
Winner: Untold Secret, Jose Santiago, Salem bin Ghadayer
Destroyer
Director: Karyn Kusama
Cast: Nicole Kidman, Toby Kebbell, Sebastian Stan
Rating: 3/5
UAE release: January 31
COMPANY%20PROFILE
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The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
