Dubai, UAE, June 28, 2018: Introduction and basis for preparation
This report sets out details of the payments made to governments by RAK Petroleum plc and its subsidiary undertakings (‘RAK Petroleum') for the year ended 31 December 2017 as required under the Disclosure and Transparency Rules of the UK Financial Conduct Authority (the ‘DTRs') and in accordance with our interpretation of the draft Industry Guidance issued for the UK's Report on Payments to Governments Regulations 2014, as amended in December 2015 (‘the Regulations'). The DTRs require companies in the UK and operating in the extractives sector to publically disclose payments made to governments in the countries where they undertake exploration, prospection, development and extraction of oil and natural gas deposits or other materials.
Whilst RAK Petroleum makes no payments directly to any government and holds no direct interest in any extractives sector, DNO ASA, of which RAK Petroleum owns 40.45 percent of the outstanding shares, holds licenses in several countries. The figures reported below relate solely to payments made by DNO ASA and its wholly‐owned subsidiaries to the governments in countries where they operate.
All payments made in relation to licences in the Kurdistan Region of Iraq (‘KRI') have been made to the Ministry of Natural Resources of the Kurdistan Regional Government (‘KRG'). All other payments have been made to the national governments of the relevant country where the licence is based.