Millennium Finance Corporation advises RAK Petroleum in its USD 375 million acquisition of assets from Indago Petroleum

Listed in London on the Alternative Investment Markets (AIM), Indago Petroleum's activities are mainly focused on the Middle East's energy sector and has been acting as the operator for seven licenses located in the Sultanate of Oman and the United Arab Emirates.

Millennium Finance Corporation and Citigroup Global Markets were acting as the financial advisors to RAK Petroleum on this transaction.

Following the signing of the agreement between the two companies, RAK Petroleum is to become the owner of all the assets of Indago Petroleum, to the exception of the Oman- based blocks 31, 43a and 47, which will be subject to a joint-operating agreement whereby RAK Petroleum will have a 50% interest. As a result of this transaction, RAK Petroleum further strengthens its role in the exploration and production sector in the South Arabian peninsula, and will act as the operator of the assets purchased.

Laurent Lavigne du Cadet, Head of Oil and Gas and Energy at Dubai-based MFC, said: "We are delighted to have had this opportunity to advise RAK Petroleum on its acquisition. Our team's international expertise and networks have been valuable in guiding such local companies in their corporate milestones. Our presence in Dubai and proximity to the region, coupled with insights of the energy sector, has placed us in a favorable position to pinpoint and address exact issues in favor of local players."

With the conclusion of this acquisition, RAK Petroleum broadens its reach around the Arabian peninsula, with full ownership of promising assets which includes key blocks in Oman. Following RAK Petroleum's signing with Anzon Energy Limited in 2006 with MFC as its sole advisor, this acquisition underscores its emergence as a central player in the region."