On 14 June 2010, Dana announced that the Company (through one of its subsidiaries) had entered into an agreement to acquire the entire issued share capital of Petro-Canada Netherlands B.V. (“Petro-Canada Netherlands”), a wholly owned subsidiary of Suncor Energy Inc., for an estimated cash consideration of approximately €328 million (note 1) (the "Proposed Acquisition").
The Board of Dana Petroleum plc (the "Company") is pleased to announce that it is today posting a circular to its shareholders (the "Circular") setting out details of the Proposed Acquisition. The Circular will be available to view shortly on the Company's website (www.danapetroleum.azurewebsites.net).
The Circular contains, inter alia, a Competent Person's Report on the Petro-Canada Netherlands assets (“CPR”). The assumptions utilised by the Competent Person are set out therein. The CPR includes the following information in respect of Petro-Canada Netherlands:
Tom Cross, Dana's Chief Executive commented:
“This transaction represents Dana's fourth international acquisition in the past three years and is the most significant and exciting development in the Company's history. The acquisition builds upon our portfolio approach to the E&P business and provides a significant production and reserve growth step for the Group, whilst adding considerably to our operating capability in the North Sea. Following the transaction, Dana’s daily production should increase to approximately 50,000 barrels per day. This significant transaction puts Dana in a position of increased strength as the Company enters the busiest exploration and development period in its history."
The Circular can be inspected during normal business hours on any business day at the offices of Allen & Overy LLP, One Bishops Square, London, E1 6AD from today up to the conclusion of the General Meeting.
In addition, the Circular will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at: Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS, telephone +44 (0) 20 7066 1000.
21 July 2010
|Tom Cross, Chief Executive||Dana Petroleum plc||01224 652400|
|David MacFarlane, Finance Director||Dana Petroleum plc||01224 652400|
|Stuart Paton, Technical & Commercial Director||Dana Petroleum plc||01224 652400|
|Stephen Bowler||RBS Hoare Govett Ltd||020 7678 8000|
|John MacGowan||RBS Hoare Govett Ltd||020 7678 8000|
|Tim Chapman||RBC Capital Markets||020 7653 4000|
|Josh Critchley||RBC Capital Markets||020 7653 4000|
|Nick Elwes||College Hill Associates||020 7457 2020|
NOTES TO EDITORS:
Dana Petroleum plc is a leading independent oil and gas, exploration and production company listed on the London Stock Exchange (symbol: DNX), and is a constituent of the FTSE 250 Index.
The Group currently produces from 36 oil and gas fields across four countries (UK, Netherlands, Norway & Egypt) and holds more than 100 interests in exploration and production licences spanning nine countries. Dana’s activities are focused within its two core areas of Europe (North Sea) and Africa (North & West).
In Africa, Dana has production, development and exploration interests across Egypt, oil and gas discoveries offshore Mauritania and Morocco, and additional exploration opportunities offshore Senegal and Guinea.
In Europe, Dana’s producing interests are focused on oil and gas in the UK North Sea, oil offshore Norway and gas offshore The Netherlands. Dana also has significant development and exploration opportunities across the North Sea, including development of the Babbage gas field which is due on-stream in August 2010, the Arran gas fields (formerly known as Barbara/Phyllis) and the Western Isles oil fields.