RAK Petroleum plc converts shares into cash rewards

United Kingdom: 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.