Dana Petroleum Share Discussion Threads

[grigor] 31/8/2010 12:55

If KNOC start buying heavily after the DNX response on 8th September, the share price will probably rise over the offer price. The hedge funds may also start buying.

Seems like a good trading opportunity.

[bomfin] 31/8/2010 08:19

Think Cladhan result will help the economics at Western Isles?

[bomfin] 31/8/2010 07:55

or an SNP one for that matter :-)

[emptyend] 31/8/2010 07:13

I'd say, in fact, that is a responsibility of governments to ensure that they provide energy security for their economies. If that means using public fuds to buy companies then that is at least as justifiable as spending public money to go to war in oil-rich Middle Eastern countries!
What will be interesting is to see what the UK Government does in the future.....

[bomfin] 30/8/2010 18:04

At the doctors this morning.Heard radio interview with Brian Adam SNP moaning about KNOC buying out Dana. His complaint is that it's misuse of sovereign funds to buy out a foreign oil company. Actually I think he's got a point. Would we be allowed to use British government money to buy assets there? Don't know the answer to my own question.

[fhmktg] 30/8/2010 10:49

Key drilling events Anne-Marie and Cormoran - can these both spud and reach target depth on the Take Over Panel's timetable?

Does TC have credible options to bring both these home in time?

I guess if a new offer is to come it will be soon after 8th September?

[madskt] 30/8/2010 10:34

It seems some elements of the press have been going after TC - there was that piece in The Times, and this one isn't exactly friendly.

This is a guy, who has built this company up to what it is - he deserves better than this, IMO.

[rumblefish] 28/8/2010 01:20

CORMORAN MAURITANIA

I've been waiting over 10 years of this....company maker would be an understatement!!
i'd be willing to let the Koren's walking away just to see whats there..by the time we get our 18 pounds the drilling results will be in....we might get 18 pounds just for Cormoran....the Koren's pay for mature producing assets and get the exporation for free....for them this bid has all in about getting the exporation upside for free...Schdroders and others are so...so short sighted....

Fu*k you Schroders!

[phillis] 27/8/2010 19:28

but going going - almost - gone

[dougdig] 27/8/2010 18:00

The results look first rate - I would be more than happy to see KNOC walk - £18 is nowhere near enough!

[2006stocktaker] 27/8/2010 12:39

Additional reserves are making DNX look relatively inexpensive, even without the exploration upside. Especially when you consider that 82% of reserves are in the politically "safe" area of Europe.

[acol] 27/8/2010 12:26

12167 Showing a lamentable lack of wisdom!

[nchlshtn] 27/8/2010 12:25

Solomon
The talk about higher offers is ludicrous, £18 is a fantastic offer given the track record of this co and lack of competing offers.

Presumeably you have already flogged yours at £18 quid then, and are just concerned for the financial wellbeing of those misguided enough to want to wait for AM results?

[madskt] 27/8/2010 12:17

Why is £18 such a "fantastic offer"?

[extrader] 27/8/2010 10:31

Hi solomon 9,

I'm impressed at your portfolio ! It must be pretty good, to beat the 1,500% return Tom Cross has generated for DNX holders over the last decade....

ATB

[solomon9] 27/8/2010 08:41

The talk about higher offers is ludicrous, £18 is a fantastic offer given the track record of this co and lack of competing offers.

[solomon9] 27/8/2010 08:11

For all his talk - he has missed estimates £31.4m - nowhere near the consensus of £37.5m - still no other offer to consider.

[bomfin] 27/8/2010 08:09

I would have ignored it anyway! :-)

apart from the fact I've told you that!

[mpclag] 27/8/2010 08:06

oops-thought I was on the Tullow thread!-Ignore my last post please

[emptyend] 27/8/2010 07:07

It was frankly extremely obvious that Dana was a) going to hold back the Suncor deal details and b) produce an independent report on its assets.

Results here:

[spob] 27/8/2010 03:55

Fun and games


Dana delays takeover defence
By Miles Johnson

FT

Published: August 26 2010 23:06 | Last updated: August 26 2010 23:06

Dana Petroleum will hold back from announcing the purchase of a package of North Sea assets with its interim results on Friday, in a move to delay South Korea's national oil company launching a raid for the UK oil explorer's shares.

Korea National Oil Corp, which last week made a £1.87bn hostile takeover offer for the Aberdeen-based explorer, could breach insider trading laws if it buys Dana shares after the South Korean company learnt of Dana's plans to buy £240m of assets from Suncor during talks between the two companies.

EDITOR'S CHOICE
Lex: Dana / KNOC - Aug-23.Dana aims to convince KNOC to raise offer - Aug-22.Dana targeted for hostile bid - Aug-19.Dana in talks over £200m North Sea deal - Aug-17.KNOC signals intent as Dana spurns advances - Aug-12.Dana and KNOC talks hit an impasse - Aug-12..

Advisers from the two sides have held discussions this week as Dana attempts to convince KNOC to raise its offer in exchange for a board recommendation, but no formal round of negotiations has begun.

Dana is planning to issue a full defence document on September 8, which is likely to include a so-called Competent Persons Report (CPR) on the quality and value of its assets.

The CPR, which will be provided by a petroleum engineer, will enable Dana to provide KNOC with a third-party valuation after the South Korean group was unable to conduct its own due diligence.

Dana was to launch its defence with Friday's interim results, but was given extra time by KNOC posting its offer document – a move that gives Dana until September 8 to respond formally under Takeover Panel rules.

KNOC released the document just four days after collecting supporting letters of intent from investors owning almost 49 per cent of Dana and launching its £18 a share hostile offer.

Dana shares closed at £18.06, a premium to the offer and signalling investors antipate a raised bid in return for the blessing of Tom Cross, chief executive, and his board.