RAK Petroleum plc: Long-Term Incentive Plan Award

United Kingdom, 30 December 2016

RAK Petroleum plc, the Oslo-listed oil and gas investment company, announced that its Remuneration Committee has decided to convert the share awards to executives under its Long Term Incentive Plan ("LTIP") previously announced on 19 December 2014 into cash awards and, as a result, no shares will vest or be issued under the LTIP in 2016.

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 Børs listed oil and gas investment company established under the laws of England and Wales as a public limited company. Its principal holdings are 40.45 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 active in the Middle East and North Africa. Founded in 1971 and listed on the Oslo Børs since 1981, DNO ASA holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Middle East-North Africa region. 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.