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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Dana Petroleum | DNX | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1,799.00 | 00:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1,799.00 |
| Top Posts |
|---|
Posted at 21/10/2010 18:34 by edmondj Yes pretty incredible I thought too, after all the mud and fact slinging with the 'value based defence'.Presumably Schroder is on the Christmas card list, for putting DNX into play. A stark lesson in what to believe in takeover bid propaganda. |
Posted at 23/9/2010 09:50 by colsmith Someone from the great and good lot in comment to Cable's need for more protection against unwanted takeovers said that takeovers were good as they got rid of poor management etc. Seems not the DNX case - pure example of grab when the assets look likley to takeoff. Even more need for what Cable raised as an issue for DNX as there is a strategic energy supply issue here as the UK now imports oil and effectivley all the DNX stuff from from the North Sea will go to Korea. |
Posted at 22/9/2010 06:19 by standtall DJ Dana Petroleum PLC Medway Project Sanction TIDMDNX RNS Number : 0928T Dana Petroleum PLC 22 September 2010 ? Dana Petroleum plc ("Dana" or the "Company") Medway Project Sanction, Offshore Netherlands Dana is delighted to announce that the Medway integrated oil and gas development, operated by Dana Petroleum Netherlands, has received project sanction. First production from Medway is expected in Q4 2011. The project is initially expected to add an average of 4,100 barrels of oil equivalent per day net to Dana in 2012, with production rising further in 2013 and field life continuing through to 2020. The development of Medway will also significantly benefit Dana by extending the producing life of the De Ruyter oil and gas fields complex, where Dana holds a 54% interest, thereby adding further production and reserves in this area. The Medway opportunity formed part of the upside identified by Dana during its acquisition of Petro Canada Netherlands BV earlier this year. Medway is now one of three significant oil and gas developments in Dana's core North Sea area offering near-term production upside, the others being the Western Isles oil fields and the Arran gas fields, both in the UK sector. Dana is driving forward the Medway development as operator and holds a 50% interest in the project, with the remaining interest held by Dana's partner EBN. The Medway development is in line with Dana's strategy of expanding its base of operatorships in its core areas, such as the North Sea. The Medway project will develop and bring on-stream two discoveries, made during 2007 and 2008, in the greater De Ruyter Area which Dana already operates. The Van Nes gas discovery is situated approximately 8 km north of the De Ruyter platform and the Van Ghent oil and gas discovery lies approximately 4.5 km east of the De Ruyter platform. This area is situated in Block P11b, offshore in the Dutch continental shelf. The Medway fields (Van Nes and Van Ghent) will be developed via two subsea wells tied-back via dedicated flow lines to the existing De Ruyter platform. The platform will be modified to receive the new oil and gas production by installation of subsea controls, facilities and modifications to the gas export compression system. In addition, the facilities are designed to accommodate the tie-in of future exploration prospects in the area, thus providing further development potential. Field reserves from the combined Medway development (Van Nes and Van Ghent) are 11.8 million barrels of oil equivalent in the base case development, with additional reserves upside already identified. Commenting on the news, Tom Cross, Dana's Chief Executive said: "Dana's experienced operational team in the Netherlands has achieved acceleration of the Medway project and plans are well advanced to deliver first production in the fourth quarter of 2011. The Medway development has been carefully designed to allow further oil and gas to be produced through the De Ruyter/Medway offshore facilities as additional targets are drilled in this area." 22 September 2010 Enquiries: +------------------- | Dana Petroleum plc | 01224 652400 | +------------------- | Tom Cross, Chief Executive Officer | | +------------------- | Stuart Paton, Technical & | | | Commercial Director | | +------------------- | | | +------------------- | Brunswick Group LLP | 020 7404 5959 | +------------------- | Patrick Handley | | +------------------- | | | +------------------- | College Hill Associates | 020 7457 2020 | +------------------- | Nick Elwes | | +------------------- 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 55 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 and Dutch North Sea and oil offshore in Norway. Dana also has significant development and exploration opportunities across the North Sea, including development of the Arran gas fields (formerly known as Barbara/Phyllis), the Western Isles oil fields and the Medway project oil and gas fields. For further information please refer to Dana's website at www.dana-petroleum.c This information is provided by RNS The company news service from the London Stock Exchange MSCUUANRRVAKURR (END) Dow Jones Newswires 22-09-10 0617GMT |
Posted at 19/8/2010 11:55 by fatken Should first declare that having sold up my entire DNX holdings at around 1710p last week, I don't have any interest in the price movement. Just a few observations and random thoughts.1) During the past 7 days, it appears that some hedge funds are trimming down their long positions. I suspect this is because at 1720p, the upside is 80p versus 5-600p decline if the deal doesn't go through. There is, of course, now a juicier target (BHP/POT) for the merger/arb to play with. 2) Judging from the tone of their RNS annoucement last week, I believe it is unlikely for KNOC to raise the 1800p price. The DNX management are of the view that the share is worth north of 2000p. To accede to this would mean 'losing face' - which is not the done thing in Korean culture. In addition, the Koreans have to rely on the senior and middle managers/engineers to stay after the takeover - and that is why they have never mounted a hostile takeover bid previously. I beleive KNOC only sent a dozen managers to Calgary after taking over Harvest Energy last year. In my view, there is a more than 50% chance that the Koreans will just walk after DNX results next week. |
Posted at 12/8/2010 13:21 by dougdig I'm with TC all the way on this one - dig in and dont let DNX go for a single penny less than it is worth.The point that seems to have escaped the Koreans and their advisors is that as they want to buy - and DNX dont particularly want to sell! To get Board approval - and retain excellent management they really do have to put in a realistic and fair offer. That certainly is far more than £18. They have to learn the rules of courtship! TC rightly doesnt want to sell at the silly price offered. He is quite content to carry on doing his job - and who can blame him. In 6 months our share price should be well north of £18 and he knows it. I am apalled at the intransigence (or is it just incompetence?) of the Koreans and their advisors. If they really wanted DNX they are going to have to put up or shut up! I reckon they have blown it now and the sooner they realise this and move on the better for all concerned. If they wish to deal successfully in the West they have to accept that the rules of the East do not apply. Diplomacy, give and take are the order of the day. No wonder they cant cut a deal with their current attitude. All IMHO, of course! |
Posted at 11/8/2010 08:11 by colsmith With the UK selling off anyhting (recent international Power to GDF - major shareholder French Gov) I find it strategically bizare that a company like DNX is not seen as of strategic importance to the UK. Once a company is owned by a foreigh company the interests of the company ultimatley for most countirs (not UK of course) are linked to the country of owning compnay domicile. Even US has blocked oil company sales to a foreign ownership. In theory the world has a global market but in practice countries are in competition with companies having allegiance to their domicile and using that domicile to lever influence over "their" goverment for their own interests. And of course if KNOC are wanting DNX its obvious they see it as a strategic buy in a world of surging oil demnand. There's more of an issues in DNX going foreign than the price offered! |
Posted at 03/8/2010 10:22 by jelenko By the time the answer to those questions in known, It'll be too late.What is clear to me is that KNOC have already enough information on DNX to table an all cash offer. The timing of the offer was clearly designed to get anything that Ann Marie provides for free. DNX are just playing them at their own game. KNOC would not have hastily provided proof of funding if they were not serious. The fact that the two are meeting implies negotiation, which intern implies price argument. IMHO if it is only about price, a deal can be done. If they were along way away, DNX. would not have asked for proof of funds, they would have said something else! |
Posted at 23/7/2010 19:04 by emptyend Edmond,Schroders telling the Dana board to take the Koreans seriously! It is understood that the Koreans have not ruled out attempting a hostile takeover if Dana holds out for a higher bid. Analysts said it is likely to want to retain some of the current management, since it has little experience in the areas where Dana operates. I think that DNX shareholders should be keeping their own counsel rather than rabbiting to the press whenever they come for a quote. It is highly probable that the quote from Buxton was obtained before he saw the DNX response - and the effect of his comments is to give some hope to KNOC that they can still pick up DNX cheaply. The bit I've highlighted, incidentally, makes the same point I've been making for some weeks: DNX is uniquely attractive to KNOC because it can act as a deal-doing hub around which a regional EMEA business can be constructed. It has consummate deal skills in house and has no assets outside the region of interest to KNOC (which I take to be Europe and North Africa). The Harvest acquisition would do a similar job for KNOC in North America - and Head Office can deal with Asia. ee |
Posted at 23/7/2010 16:53 by extrader Hi all,FWLIW, I topsliced 10% of my DNX today and put it into FPM in my SIPP. As I see it, this gives me - some 'locked in gain' in case DNX isn't sold; - a bit of interesting diversification-that - the bulk of my DNX still held 'for the journey'. Let's see what happens ! GLA |
Posted at 21/7/2010 09:57 by jojo_jo Thanks EE. So assuming there is no great difference in the infrastructures being bought (or possibly bought), APACHE is paying $7bn (£4.6bn) for 1.5 x DNX's proven reserves. On this metric DNX would be worth £3bn approx. Using the alternative production valuation model, APACHE are paying £4.6bn for 83k BOEPD, against DNX's 50k. On this metric, DNX would be worth 2.75bn approx. It should also be noted that the BP sale is (almost literally) a 'fire sale'. Yet it is still at a higher price than that being mooted for DNX. Consequently anything less than £2.5bn looks like a 'good buy' and anything less than £2bn a 'steal'! |
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