Dana Petroleum Share Discussion Threads

[edmondj] 22/9/2010 15:36

'Humble pie' in terms of the recommendation.

If the offer goes unconditional on Friday and they don't then recommend it then dissenting shareholders will become locked in after 2-3 weeks. Is that in their best interests if the offer is seen as certain to happen, by Friday?

If they do recommend it (humble pie) they won't look specially clever, relative to the defence document.

They're between a rock and a hard place but did put themselves there with such a vigorous rebuttal and higher sense of value.

Continuing to hold for now though.

[2006stocktaker] 22/9/2010 14:08

Certainly no humble pie required from my POV. They informed the market of the true value of the company, and tried to secure the best price for shareholders. It's not their fault the city is so short sighted.

[haydock] 22/9/2010 14:05

I see no need for any humble pie.
T.C has done a superb job over the years & in defence.
He was foiled by timing in the end on the A.M drill.

This was a fantastic growth company, over the last ten years, one of the best, with a really fine bb.
Our problem is in finding his quality of management again.

The fat lady has not sung yet, lets see what the next few days bring.

[haydock] 22/9/2010 14:00

Vince & Dana,

[thegreatgeraldo] 22/9/2010 13:37

EdmondJ - 22 Sep'10 - 12:50 - 13475 of 13477

So a large helping of Aberdeen humble pie by Friday lunchtime,

..why the humble pie? The board reckoned the company was worth more than £18 a share & said so. Just because another bidder hasn't turned up offering £20 or so doesn't mean the board were wrong. Presumably we'll get an announcement tomorrow pm from the Koreans, barring the rather unlikely event that they've only got just over 20% acceptances to add to the 29.5% they already own

[haydock] 22/9/2010 13:37

Vince clearly has Dana shares, Shell connecton, & has been reading this board ?

[churchill2] 22/9/2010 13:31

Blimey

Tom must have thought it was a good idea as well.

[dougdig] 22/9/2010 13:09

Agreed wholeheartedly!
Pity we cant ask Vince Cable to look at this ....

[edmondj] 22/9/2010 12:50

So a large helping of Aberdeen humble pie by Friday lunchtime, with the board recommending acceptance?

Shareholders who have held out to give them a chance, in respect of what has been achieved over the long run and in case AM results appear, deserve to be treated realistically than left in limbo with the prospect of no market after 2-3 more weeks.

[emptyend] 22/9/2010 12:33

The Koreans say they are paying a full asset price so presumably they would be quite happy with the proceeds.

:-))

Yes - quite so!! ;-)

[churchill2] 22/9/2010 12:32

I wonder if there is a restriction from the takeover rules that would stop Dana from offering their stake in Faroe. The Koreans say they are paying a full asset price so presumably they would be quite happy with the proceeds.

Faroe shareholders of which I am one would have a problem solved.

[dougdig] 22/9/2010 11:41

I guess quite a few of us are still holding ......I just hope we get something on AM in time to make a difference...

[emptyend] 22/9/2010 11:41

The 23rd is an important day, and there's always a chance of something over the weekend.

...ermm....if I may say so, that is unrealistic clutching at straws. The 23rd is tomorrow, a Thursday.....the chances are that on Friday morning KNOC will say they have over 60% and go unconditional.

The time for any counter was two weeks or more ago.

[jojo_jo] 22/9/2010 11:20

They are obviously trying their hardest to attract another bidder, but they need Anne Marie for that. Will keep holding, as like I said before, I can't see any safe alternatives for the cash right now.
The 23rd is an important day, and there's always a chance of something over the weekend. I'm holding.

[phillis] 22/9/2010 10:03

I'm afraid that apart from the formal running up of the white flag the Board are irrelevant now

[edmondj] 22/9/2010 08:54

It's hard to see what these latest announcements are adding though, beyond a defiant departing flourish of: 'We weren't that laid back, you know'.

Dana isn't going to remain independent, just a question of time until KNOC declares unconditional... with a fast-narrowing gap to declare something radical at Anne Marie which can change the game. That's the only real announcement that can count, currently.

Otherwise I fear the board is painting itself into a corner where it either has to concede the humiliation of recommending the £18 offer or leaving shareholders in limbo such that, unless they recognise reality to sell in the market or accept, they may have to wait a while for their money.

Still holding, and two fingers to Schroders and certain media which have prejudiced the situation.

[edmondj] 22/9/2010 07:45

This is all fine as a reminder how vigorous Dana is, but with the takeover starting with 49% willing institutional sellers it needs something sensational - and now - at the Anne Marie drill bit, to attract another bidder... otherwise hard to see ongoing independence.

[standtall] 22/9/2010 07:19

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.com.

This information is provided by RNS

The company news service from the London Stock Exchange

MSCUUANRRVAKURR

(END) Dow Jones Newswires

22-09-10 0617GMT

[edmondj] 21/9/2010 18:17

You're making it sound though, like The Telegraph, that de-listing could happen anytime after it goes unconditional whereas the shares would continue trading for at least two if not three weeks thereafter. It needs mentioning.

I prefer to retain dealing flexibility at the moment, than suit KNOC's agenda, although I'll concede any hope of a counter offer is forlorn.

Unless Anne Marie changes the picture, perhaps.

[phillis] 21/9/2010 17:38

This has been a pretty bog standard offer

No dodgy tactics, nothing out of the ordinary for any reglatory body to get excited about depite the bleatings on this BB - just THE NORMAL CUT AND THRUST OF M&A with a Board that doesn't own much of the equity wriggling hard to stay in control of "their" baby. Pretty normal knockabout stuff

When somebody offers you a 50%+ premium you had better take them seriously
so

"If the Share Offer becomes or is declared unconditional in all respects, and sufficient acceptances under the Share Offer are received, KNOC intends to procure that Dana makes applications to cancel the listing of Dana Shares from the UKLA's Official List and to cancel admission to trading in Dana Shares on the London Stock Exchange's market for listed securities. De-listing is likely to reduce significantly the liquidity and marketability of any Dana Shares in respect of which the Share Offer has not been accepted."

I haven't read the offer doc in full but I expect them at the first closing -which will probably give them less than 90% but more than 51% - to go uncoditional as to acceptances and move to take control of the Board and thus operational control of the business

Not long to go now

[edmondj] 21/9/2010 16:30

It is puzzling to consider what the board may do, in the absence of a third party offer and since KNOC's £18 a share is final.

If they don't recommend if it goes unconditional then shareholders will get locked in after 20 days; and if they do they make themselves look fools.

Not a nice place to be!

DesWalker,

I agree the North Sea can be a questionable cash cow; it only needs one high impact success though, to alter the situation radically, and Dana is drilling two currently (Mauritania, Faroe).

Remember TC got into deepwater Ghana before Tullow... he even showed me the various fans he was excited about.. but couldn't attract partners... then TLW moved in and made it a grand slam success.