OSLO, Norway, June 12, 2011 /PRNewswire/ --
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 said.
"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 director.
About RAK Petroleum
RAK Petroleum Public Company Limited (http://www.rakpetroleum.ae) 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 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 (http://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
Ms. Katherine Darcy
Corporate Affairs Manager
SOURCE RAK Petroleum