Restructuring of Indirect Ownership in RAK Petroleum plc and Exemption from the
Mandatory Bid Obligation

United Kingdom, 8 February 2022 

As previously disclosed, Bijan Mossavar-Rahmani, Executive Chairman of RAK
Petroleum plc ("RAKP"), indirectly holds and has the right to exercise voting
rights attached to 6.58 percent of the Unrestricted Class A Shares, 53.58
percent of the Restricted Class A Shares and 53.58 percent of the Class B Shares
in RAKP, representing 36.88 percent of the voting rights in RAKP. Mr.
Mossavar-Rahmani has for personal financial planning purposes determined to
restructure his indirect ownership without any change in the existing voting
control of these shares. The Oslo Stock Exchange has granted an exemption from
the mandatory bid obligation subject to certain conditions, including completion
of the restructuring before 31 May 2022.

Mr. Mossavar-Rahmani's ownership interests have been held exclusively through
RAKP Holdings Ltd. ("Holdings"). He has now transferred a portion of his shares
in Holdings to BM-R Holdings LLC ("BM-RHLLC"), a limited liability company
incorporated under the laws of the United States of America wholly owned by Mr.
Mossavar-Rahmani. The Restructuring contemplates that BM-RHLLC will transfer
certain of the interests to family trusts established under the laws of the
United States of America for the benefit of Mr. Mossavar-Rahmani's descendants
(the "Restructuring"). The said transfers will be made without consideration.

For as long as BM-RHLLC holds an interest in Holdings and/or in RAKP, Mr.
Mossavar-Rahmani will (a) retain and at all times hold sole voting control over
BM-RHLLC shares in Holdings and the underlying shares in RAKP, and (b) possess
the exclusive, non-transferable power to direct the management and policies of
BM-RHLLC with respect to its interest in Holdings. Thus, the Restructuring will
not change or lead to any change of the ultimate control of the RAKP shares
currently controlled by Mr. Mossavar-Rahmani.

In connection with the Restructuring, Mr. Mossavar-Rahmani has transferred to
BM-RHLLC:

o	12,801,236 Unrestricted Class A Shares in Holdings, corresponding to 6.6
percent of the Unrestricted Class A Shares in RAKP,
o	7,198,764 Restricted Class A Shares in Holdings, corresponding to 6.2 percent
of the Restricted Class B Shares in RAKP, and 
o	7,198,764 Class B Shares in Holdings, corresponding to 6.2 percent of the
Class B Shares in RAKP.

The Restructuring contemplates that between 70 percent and 80 percent of the
interests in BM-RHLLC will transfer to the trusts, with the balance held by Mr.
Mossavar-Rahmani.

The Oslo Stock Exchange, in its capacity as takeover supervisory authority, has
pursuant to a decision dated 4 February 2022 resolved to grant an exemption from
the mandatory bid obligation with respect to the Restructuring as it does not
constitute a change of control.  The Oslo Stock Exchange is thus of the opinion
that the Restructuring is a situation entailing a special exemption from the
mandatory bid obligation pursuant to the section 6-2 (3) of the Norwegian
Securities Trading Act, if carried out before 31 May 2022.

For further queries, please contact:

Kevin Toner
Managing Director
RAK Petroleum plc
Email: kevin.toner@rakpetroleum.uk



About RAK Petroleum plc 

RAK Petroleum plc is an Oslo Stock Exchange listed oil and gas investment
company established under the laws of England and Wales as a public limited
company. Its principal holdings are 44.94 percent of DNO ASA and 33.33 percent
of Foxtrot International LDC held through Mondoil Enterprises, LLC.  DNO ASA is
a Norwegian oil and gas operator focused on the Middle East and the North Sea.
Founded in 1971 and listed on the Oslo Stock Exchange, DNO holds stakes in
onshore and offshore licences at various stages of exploration, development and
production in the Kurdistan region of Iraq, Norway, the United Kingdom,
Netherlands, Ireland and Yemen. Foxtrot International LDC is a privately held
company active in West Africa whose principal asset is a 27.27 percent interest
in and operatorship of Block CI-27 offshore Côte d'Ivoire. 


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.