IPL Farms Out Stakes in Ras al-Khaimah Concession
International Petroleum Ltd (IPL), operator of the 2,074 sq. kms. onshoreconcession in the UAE emirate of Ras al-Khaimah awarded in 1987 (MEES, 5October 1987), has farmed out 12.5% and 5% of its concession to Hardy Oil andGas (UK) and Grauten Oil AB respectively. IPL's remaining share in theconcession is 38.4% and current plans are for the drilling of a new well in thefourth quarter.