Dana Petroleum


Dana Petroleum
Dana Petroleum plc
Type Public (LSEDNX)
Industry Energy
Founded 1994
Headquarters Aberdeen, Scotland, UK
Key people Colin Goodall, Chairman
Tom Cross, CEO
Products Natural gas, Petroleum
Revenue GB£397.3 million (2009)[1]
Operating income GB£72.2 million (2009)[1]
Net income GB£22.6 million (2009)[1]
Website http://dana-petroleum.com

Dana Petroleum (LSEDNX) is a Korean-owned, British-based oil and gas exploration and production company. Its activities are focused on the North Sea and Africa. It is headquartered in Aberdeen and is a former constituent of the FTSE 250 Index.

Contents

History

The Company was formed in 1994 by Tom Cross to exploit North Sea oil opportunities. In 2007 the company acquired Ener Petroleum for £24m[2] as well as Devon Energy Corporation's oil and gas operations in Egypt for US$375m. In June 2010, Dana Petroleum agreed to acquire Petro Canada Netherlands from Suncor Energy for around $393 million.[3]

On 2 July 2010 Dana Petroleum confirmed it had received a £1.5 billion takeover bid. Korea National Oil Corporation confirmed preliminary discussions regarding a possible cash offer for the entire issued and to-be-issued share capital of Dana Petroleum.[4] On August 20th 2010, KNOC went hostile in their bid for Dana Petroleum, the first time an Asian state owned company had made a direct bid for a UK company.[5]

By September 24th 2010, KNOC had received 64.26 percent acceptance of the share offer from shareholders resulting in the Dana Petroleum Board advising shareholders, reluctantly, to accept the offer as the board intended to do with regard to their own beneficial holding. [6]

Operations

The Group is organised into three activities:

  • Production
  • Exploration
  • Commercial activities

References

External links



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