RAK Petroleum Announces Second Quarter Profit

DUBAI, UAE, August 9, 2010 - RAK Petroleum Public Company Limited, the oil and gas exploration and
production company today announced a net profit of AED 9.6 million for the
quarter ended 30 June 2010 (unaudited), its fifth consecutively profitable
quarter. The Company posted a net profit of AED 40.1 million for the first
half of 2010, compared with a profit of AED 32.1 million for the first half
of 2009.

"We are pleased to announce these results and continue to focus on
coaxing value out of our existing assets while aggressively evaluating new
opportunities," said Bijan Mossavar-Rahmani, Chairman of the Board of
Directors and CEO of RAK Petroleum.

Mr. Mossavar-Rahmani noted that the Company had set new record production
levels during the quarter with a return to production of the Bukha field in
Block 8, Sultanate of Oman. Together, the two offshore fields in Block 8
operated by the Company, Bukha and West Bukha, produced in excess of 10,000
barrels a day of oil and associated liquids and 35 million cubic feet a day
of gas. RAK Petroleum holds a 50 percent interest in this block with Korea's
LG International Corporation holding the other 50 percent.

Turning to other blocks in which RAK Petroleum has an interest, Mr
Mossavar-Rahmani noted that plans to test the Zad prospect in Oman Block 47
were nearly complete, and that drilling would commence in October, pending
final agreement of terms with a potential farm-in partner. An exploration
well on the Hammamet Block in the Republic of Tunisia, in which RAK Petroleum
has a non-operated 30 percent interest, was drilled in May and an analysis of
downhole samples showed a mixture of gas and volatile oil. The well was
plugged and abandoned as per the original design. The partners in the block
have applied for an extension of the license term to continue their
evaluation.

RAK Petroleum Public Company Limited is registered in the Free
Trade Zone of the Emirate of Ras Al Khaimah and is operator of seven blocks
in the Sultanate of Oman and in the United Arab Emirates, of which one is in
the production phase, three are in the exploration phase, and three are
undergoing appraisal for possible development/redevelopment. RAK Petroleum
also has a non-operating 30 percent interest in the Hammamet Offshore license
in the Republic of Tunisia and a 30 percent shareholding in the
publicly-traded Norwegian oil and gas company DNO International ASA
(www.dno.no), whose principal producing properties are located in the
Kurdistan Region of Iraq and the Republic of Yemen.

For more information, please contact: Ms. Shelley Watson, Group Commercial Director, RAK Petroleum Technical Services Limited, Dubai, UAE, Tel: +971-4-293 2000; Ms. Katherine Darcy, Corporate Affairs Manager, RAK Petroleum Technical Services Limited, Dubai, UAE, Tel: +971-4-293 2000