In 2014 we completed our transformation from a closely held company registered in the Ras Al Khaimah Free Trade Zone whose shares changed hands from time to time over the counter in Dubai to a public limited company established under the laws of England and Wales and listed on the Oslo Børs in Norway.
It was a bittersweet transition as we left our home base of nearly ten years, though we did so carrying with us the name RAK for Ras Al Khaimah. But we were excited to land in Norway, a country we know well, and where we are well known, through our shareholding in one of Norway's most iconic companies, DNO ASA. Iconic because DNO ASA was established as long ago as 1971, became the first Norwegian oil company to list on the Oslo Børs in 1981, is affectionately known as the peoples' oil company and has been a dogged survivor as so many other international oil companies, small and large, have disappeared over the decades into other entities. Indeed, DNO ASA has not only survived but has thrived in recent years as it has reached the ranks of the largest listed European independent exploration and production companies. We are pleased that DNO ASA's ascent has coincided with the period in which we built a significant shareholding and engaged with management in refocusing the company and unlocking value from the existing and expanding asset base.
We are excited to enter a phase of dividend receipts from DNO ASA after several years of helping build that business to the strong financial and operational position it holds today. Thus far, we have received two dividend payments from DNO ASA, the first in September 2018 and the second in March 2019, together totalling nearly USD 21 million. This company has declared that it intends to continue payment of the dividend amount of NOK 0.4 per share per year in two tranches subject to shareholder approvals.
In addition to our 40.45 percent stake in DNO ASA, we hold a 33.33 percent stake in a long established and highly successful privately held oil and gas operator in Côte d'Ivoire, Foxtrot International LDC. This latter stake was picked up by RAK Petroleum PCL in early 2013 by acquiring Mondoil Enterprises, LLC with its indirect eight percent interest in Block CI-27 containing the largest cluster of developed and undeveloped gas fields in Côte d'Ivoire. These fields are responsible for nearly three-quarters of all the gas currently produced in the country. In 2014 a transaction was completed which raised our stake in Block 27 to 9.1 percent and we have added to our exploration portfolio through acquisition of stakes in two other blocks in Côte d'Ivoire by Foxtrot International LDC. Since acquisition of Mondoil Enterprises, LLC we have received a cumulative net cash flow of nearly USD 50 million from Côte d'Ivoire, mostly in the past two years following a period of intensive investment to install a new, second platform and drill additional production wells. Cash flow from Foxtrot International LDC is expected to be positive going forward with any future capital investments funded by operating revenue.
Cash flow from Côte d'Ivoire and the dividend receipts from DNO ASA enabled the Company to return capital to our shareholders by launching an offer to buy back USD 15 million of Rak Petroleum plc’s Class A Shares in January 2019; a total of 8,450,000 Class A Shares were purchased at a price of NOK 15 per share. In April 2019, another offer to buy back USD 15 million of the Company’s Class A Shares was launched and a total of 7,233,333 Class A Shares were purchased at a price of NOK 18 per share. Further share buybacks may be launched depending on the cash position of the Company, prevailing market conditions and shareholder approvals.
RAK Petroleum plc retains a small team of experienced operational, legal, commercial and financial professionals responsible for managing investments, screening new ventures, compliance with regulatory and listing requirements and shareholder relations. In addition we support DNO ASA and Foxtrot International LDC through board positions and services agreements.
Executive Chairman of the Board of Directors
RAK Petroleum plc