RAK Petroleum Chairman Elected New Chairman of Norwegian Oil Producer DNO

By Rak Petroleum, PRNE
Saturday, June 11, 2011

OSLO, Norway, June 12, 2011 -

Shareholders at the DNO International Annual General Meeting
held today in Oslo elected Bijan Mossavar-Rahmani as the company’s
new Chairman.  Mr. Mossavar-Rahmani is Chairman of the Board
and CEO of RAK Petroleum Public Company Limited, the Middle East
based independent oil and gas exploration and production company,
which is DNO International’s largest shareholder with a 30 percent
stake.  Mr. Mossavar-Rahmani was elected to the board at an
Extraordinary General Meeting held on 10 March 2011.

Three other current directors, Gunnar Hirsti, Marit Instanes and
Shelley Watson, were also re-elected as directors and Karen Sund,
Founder and Chairman of Sund Energy AS, an Oslo-based energy
consulting firm, was elected as the only new independent director.
Mr. Hirsti is the Company’s new Deputy Chairman.

“DNO International has a solid foundation in assets and
importantly, in people,” said Mr. Mossavar-Rahmani.  ”We
believed this as we acquired our large position in the company and
we believe it today as we take a more active role, in collaboration
with shareholders, directors and management, to stabilise DNO
International and then drive it to realise its full potential,” he

“The operations group is first rate and the speed with which
discoveries have been brought on production is truly impressive,”
said Mr. Mossavar-Rahmani. But he emphasized the need to bring best
practices to the company in terms of governance, transparency,
accountability, cost control and regulatory compliance while
improving its relationships with host governments.

Mr. Mossavar-Rahmani acknowledged the service of the outgoing

About RAK Petroleum

RAK Petroleum Public Company Limited ( href="www.rakpetroleum.ae/">www.rakpetroleum.ae)
is registered in the Free Trade Zone of the Emirate of Ras Al
and is operator of seven blocks in the Sultanate of Oman
and 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 ( href="www.dno.no/">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
Dubai, UAE
Tel: +971-4-293-2000

Ms. Katherine Darcy
Corporate Affairs Manager
RAK Petroleum
Dubai, UAE
Tel: +971-4-293-2000


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