- Dana Petroleum
-
Not to be confused with Dana Gas.
Dana Petroleum plc 
Type Public (LSE: DNX) Industry Energy Founded 1994 Headquarters Aberdeen, Scotland, UK Key people Colin Goodall, Chairman
Tom Cross, CEOProducts 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 (LSE: DNX) 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
- ^ a b c Preliminary Results 2009
- ^ Dana Petroleum agrees to buy Norway's Ener for £24m
- ^ "Dana to acquire Petro Canada Netherlands". Offshore Magazine (PennWell Corporation). 2010-06-14. http://www.offshore-mag.com/index/article-display/7381889482/articles/offshore/company-news/north-sea-northwest-europe-2/2010/06/dana-to_acquire_petro.html?dcmp=ENL.OSNSR. Retrieved 2010-07-06.
- ^ "KNOC in bid for Dana". Upstream Online (NHST Media Group). 2010-07-02. http://www.upstreamonline.com/live/article219530.ece. Retrieved 2010-07-02.
- ^ KNOC launches hostile bid for Dana Petroleum FT.com, 20 August 2010
- ^ KNOC Clinches bid for Dana Petroleum FT.com, 24 September 2010
External links
Categories:- Companies listed on the London Stock Exchange
- Companies based in Aberdeen
- Companies established in 1994
- Oil and gas companies of the United Kingdom
- Oil and gas companies of Egypt
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