RAK has been nibbling at DNO in recent months as it tries to build a strong foothold in the autonomous area under the Kurdistan Regional Government (KRG).
KRG offers significant upstream potential, despite differences with the central government in Baghdad, which has challenged the legality of production sharing agreements the autonomous region has signed with international oil companies including DNO.
DNO said it sold all its 50 million treasury shares to RAK on Friday at Nkr7.35
