RAK Petroleum, an Oslo-listed oil and gas investment company, has reported a net loss of $101.4 million for the first half (H1) of 2020as against a net profit of $123.8 million during H1 2019.

The company’s revenues reached $277.7 million during the period, as compared $469.7 million during H1 2019.

RAK Petroleum’s principal holdings are 44.94 percent of DNO ASA and 33.33 percent of Foxtrot International held through Mondoil Enterprises. DNO ASA is a Norwegian oil and gas operator focused on the Middle East and the North Sea. Foxtrot International LDC is a privately-held company active in West Africa.

At June 30, 2020, the company indirectly owned 44.94 percent of the total outstanding shares of DNO (including treasury shares) and indirectly owned 33.33 percent of Foxtrot International. – TradeArabia News Service