Press Release
8 October 2007
DANA PETROLEUM PLC
("DANA", "THE COMPANY", OR "THE GROUP")
DANA COMPLETES STRATEGIC ACQUISITION IN EGYPT
Dana Petroleum plc is pleased to announce that its wholly owned subsidiary, Dana Petroleum (E&P) Limited, has completed the previously announced acquisition of Devon Energy Corporation’s entire upstream petroleum business interests in Egypt spanning eight companies and eight Production Sharing Contracts ("Devon Egypt").
The purchase price at the effective date of 1 January 2007 is $375 million. In addition to receiving the oil and gas production and exploration assets of Devon Egypt, Dana will also gain approximately $67 million of working capital in Devon Egypt as at the effective date.
Tom Cross, Dana’s Chief Executive, commented:
“This deal delivers a significant reserves and production growth step for Dana and strategically the acquisition fits closely with our previous Egyptian transactions. The new portfolio contains a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions.
Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert. The Group also has in place an excellent operating team in Egypt which is focused on delivering further growth”.
For further information please contact:
| Tom Cross, Chief Executive | Dana Petroleum plc | 01224 652400 |
| Stuart Paton, Technical & Commercial Director | Dana Petroleum plc | 01224 652400 |
| David MacFarlane, Finance Director | Dana Petroleum plc | 01224 652400 |
| Nick Elwes | College Hill Associates | 020 7457 2020 |
Portfolio of assets being acquired:
Oil Region |
Concession / Field |
Status |
Dana Working Interest |
Operator |
Gulf of Suez |
|
|
|
|
|
East Zeit Field |
Producing oil area |
100% |
Zeitco (Dana) |
|
North Zeit Bay |
Exploration Concession |
100% |
Dana |
|
Ras Abu Darag |
Exploration Concession |
100% |
Dana |
|
South October |
Exploration Concession |
65% |
Dana |
|
|
|
|
|
Western Desert |
|
|
|
|
|
Qarun Fields |
Producing oil area |
25% |
Apache |
|
East Beni Suef |
Producing oil area |
50% |
Apache |
|
West Abu Gharadig |
Producing oil area |
30% |
IEOC (ENI) |
|
North Qarun Exploration Concession |
Exploration Concession |
50% |
Dana |
