Dana Petroleum
Encyclopedia
Dana Petroleum 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
.
oil opportunities. In 2007 the company acquired Ener Petroleum for £24m 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.
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.
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.
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.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
-owned, British
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
-based oil and gas exploration and production company. Its activities are focused on the North Sea
North Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
and Africa
Africa
Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area...
. It is headquartered in Aberdeen
Aberdeen
Aberdeen is Scotland's third most populous city, one of Scotland's 32 local government council areas and the United Kingdom's 25th most populous city, with an official population estimate of ....
and is a former constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
.
History
The Company was formed in 1994 by Tom Cross to exploit North SeaNorth Sea
In the southwest, beyond the Straits of Dover, the North Sea becomes the English Channel connecting to the Atlantic Ocean. In the east, it connects to the Baltic Sea via the Skagerrak and Kattegat, narrow straits that separate Denmark from Norway and Sweden respectively...
oil opportunities. In 2007 the company acquired Ener Petroleum for £24m as well as Devon Energy
Devon Energy
Devon Energy Corporation , is among the largest U.S.-based independent natural gas and oil producers. Based in Oklahoma City, Oklahoma, the company's operations are focused on North American onshore exploration and production...
Corporation's oil and gas operations in Egypt
Egypt
Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world...
for US$375m. In June 2010, Dana Petroleum agreed to acquire Petro Canada Netherlands
Petro-Canada
Petro-Canada was a crown corporation of Canada in the field of oil and natural gas. It was headquartered in the Petro-Canada Centre in Calgary, Alberta. In August, 2009, Petro-Canada merged with Suncor Energy, a deal in which Suncor investors received approximately 60 per cent ownership of the...
from Suncor Energy
Suncor Energy
Suncor Energy Inc. is a Canadian integrated energy company based in Calgary, Alberta. It specializes in production of synthetic crude from oil sands...
for around $393 million.
On 2 July 2010 Dana Petroleum confirmed it had received a £1.5 billion takeover bid. Korea National Oil Corporation
Korea National Oil Corporation
Korea National Oil Corporation is the national oil and gas company of South Korea and one of the most important industrial companies in the country...
confirmed preliminary discussions regarding a possible cash offer for the entire issued and to-be-issued share capital of Dana Petroleum.
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.
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.
Operations
The Group is organised into three activities:- Production
- Exploration
- Commercial activities