UAE.-based RAK Petroleum (Ras Al-Khaimah Petroleum Public Co. Ltd.) plans to acquire 50% of the exploration assets of Indago Petroleum Ltd., London, (London: IPL) for approximately US$376 million. Indago and RAK have entered a mutual-interest agreement covering the UAE and Oman. Indago's assets include various interest in seven licenses onshore and offshore Oman and the UAE. The Saleh Field in Mishrif formation offshore Oman has production of 100 barrels of condensate per day and small volumes of gas. The West Bukha-2A well offshore Oman has gross production of 24.9 million cubic feet of gas and 8,364 barrels of oil per day.
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