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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dana Petroleum | LSE:DNX | London | Ordinary Share | GB0033252056 | ORD 15P |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
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|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,799.00 | 0.00 | 00:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | O | 0 | 1,799.00 | GBX |
Dana Petroleum (DNX) Share Charts1 Year Dana Petroleum Chart |
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1 Month Dana Petroleum Chart |
Intraday Dana Petroleum Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 15/9/2016 | 18:51 | DANA PETROLEUM: DRILLING FOR 1 BILLION BARRELS OF OIL | 13,606 |
| 03/6/2011 | 14:01 | Windfall tax to hit oil sector?? | 4 |
| 08/9/2010 | 08:35 | *** Dana Petroleum *** | 24 |
| 22/8/2010 | 06:44 | How much have you lost in 2002 on the Telegraphs share of the year? | 41 |
| 26/7/2010 | 11:21 | *** Dada Petroleum *** | 6 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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Posted at 15/9/2016 18:51 by jghale I have a problem for which I need advice. I came across some old penny share certificates from around fifteen years ago.One of these was a certificate for 4235 Dana petroleum shares registered with Capita IRG Plc at Balfour House Ilford.The shares are in my name, present address and the registration date is 03-October-2001. The telephone number is now out of date, but I did manage to get in touch with Capita who said that their company had been bought out by Computershare in 2011 and that my registration should be with them. I telephoned Computershare explained about my Dana share certificate and was told that there may still be some value in it and that I should forward it to them to look at.i suggested sending a photocopy but was told it would have to be the certificate itself. So I took a couple of photocopies and sent the genuine article to them via recorded delivery. I heard nothing so checked the recorded delivery Which verified they had received the certificate and accompanying letter. Somebody at Computershare said they couldn't find my registration and as I wasn't a client of theirs I should go back to the original registrars.I expected them to return the certificate but a few days later I called Computershare re this.I was told that although they knew they had received my letter, nobody knew anything about the certificate! This share cert. Has the potential value of around £76,000 and I am told they 'looking into this'. Surely somebody, somewhere must have a record of my certificate and its registration! Advice as what to do next anyone? |
Posted at 10/7/2012 12:51 by edmondj Dana proves itself a powerful cash generator, albeit with dividends going to the Koreans: |
Posted at 21/9/2010 08:38 by edmondj emptyend,Your remarks on Citywire re. Buxton have been e-mailed to me and doubtless others. I posted this earlier underneath the article but my comment was promptly pulled: Richard Buxton and Schroders have undermined the Dana board's negotiating position in this takeover, by his repeatedly asserting in the press that £18 a share is a 'full and fair' offer. He was saying this even before the company had issued its defence document. Logically it doesn't add up because the Koreans have reserved the right to increase their offer should a competitive third party bid arise, and are urgent to close the deal, therefore they do see value at £18. From Dana's announcement today regarding Mauritania, also a well offshore the Faroes, unrisked upside on these two high-impact wells has been estimated at £5.85 a share. Call it 'jam tomorrow' if you like but earlier this year Goldman Sachs favoured Dana in the sector targeting £21.50 on a risked basis, arguing the city was not respecting the 2011 drilling programme. Buxton and Schroders have not been such long shareholders as to capture the full benefit of investing in Dana on a 5 to 10-year view; most of the stake was accumulated relatively recently - and to give respect, shrewdly - nearer to £12 a share. But they do a great disservice to private shareholders, putting this company into play at a most dynamic stage of development - also triggering (increased) capital gains tax which institutions do not incur. On a genuine long-term view, Dana has delivered a share price increase from about 150p ten years ago, with an internal rate of return around 20 per cent, which compares with Schroder UK equity funds delivering 10.5pc on a five year view and 17pc on a ten-year view. Little wonder they need a boost to peformance by creating a takeover for Dana. The Dana management has delivered substantial wealth for me and other long-termers; however I don't think I'll be re-allocating it to the Schroder managers. edit: It now looks as if your comment has been pulled along with mine. If you look to the RHS of the Citywire webpage, there is a whopping advert from Schroders. Surprise surprise... |
Posted at 10/9/2010 10:27 by emptyend Re the "performance has more or less tracked the oil price without outstripping it" point, I note that I bought Dana shares at £2.20 in November 2003 with Brent oil prices at $30. Dana shares are now c.£18 and Brent is c.$76.The Dana share price has risen about 35% compound since I've held it, marginally outperforming SOCO and JKX, and compared with about 47% compound at Tullow and 45% compound at Cairn (the two outstanding exploration success stories of recent years).....BUT they have greatly outperformed companies like Premier Oil and BG, which have returned about 22% compound. I've no complaints - and they must have been doing something right to outperform at least some of the peers. And, whilst the City "battalions" are beyond rousing (no surprise there!!) the same isn't yet 100% certain re the industry, despite what the share price is indicating. |
Posted at 08/9/2010 08:35 by spob Dear KNOCDana sets out its Value-Based Defence 8 September 2010 Rejects KNOC's inadequate 1800 pence per share Offer Value range1 between 2270 - 2465 pence per share with major additional upside The Board of Dana (the "Board") is today posting a circular to Shareholders setting out the valuation of Dana based on an Independent Expert's asset valuations. The Independent Expert's Report supports the Board's view that the offer made by Korea National Oil Corporation ("KNOC") for all the issued and to be issued shares of Dana and its Convertible Bonds (the "Offer") is inadequate and fails to recognise Dana's existing value and strategic importance to KNOC. Dana's defence circular highlights that the Company is in a period of transformational growth. Dana ended 2009 with average production of 38,653 barrels of oil equivalent per day ("boepd"), and expects to end 2010 with a pro forma production exit rate of approximately 70,000 boepd. During 2010 so far, Dana has added 87.5 million barrels of oil equivalent ("mmboe") through the drill bit and acquisitions. From now until the end of 2011, Dana will be targeting up to 600 mmboe through its drilling programme. KNOC was unaware of the scale of Dana's exploration programme and the impact of the acquisition of the UKCS oil producing interests of Petro Canada UK Limited (the "PCUK Assets") when it tabled its 1800p Offer. The Board unanimously recommends that shareholders reject the inadequate and unsolicited Offer. The Board believes that KNOC's Offer, first proposed to the Company in July prior to Dana's strong interim results and the announcement of today's value accretive UK acquisition, fails to reflect: The value of Dana's existing assets � Dana is valued at 2120p per share based on the Independent Expert's asset valuations using the average analyst forecast oil price. This is a 17.8% premium to KNOC's opportunistic and inadequate Offer, before taking into account the value of Dana's acquisition of the PCUK Assets announced today � Using the forward curve, Dana is valued at 2312p per share based on the Independent Expert's asset valuations excluding the PCUK Assets, demonstrating Dana's sensitivity to the oil price � Based on 3P NAV, the value of Dana increases to 3053p per share excluding the PCUK assets The value of Dana's acquisition of the PCUK Assets � Dana has today announced the acquisition of the PCUK Assets from Suncor � Dana is paying GBP240 million for the PCUK Assets which are valued at GBP368 million based on the Independent Expert's asset valuations - adding a further 149p per share to Dana's 2P NAV and 326p per share to its 3P NAV (both including the benefit of significant capital allowances) � Dana's acquisition of the PCUK Assets increases the total value of Dana to between 2270p and 2465p per share, based on the Independent Expert's asset valuations Dana's material upside potential � Dana has significant exploration prospects which, if successful, could quadruple reserves by the end of 2012 � KNOC's Offer is opportunistic ahead of Dana's significant near-term drilling programme � Dana is drilling the high impact Anne Marie and Cormoran prospects in the next two months which, if successful, will be material for the Company, and these two prospects alone are valued at 585p per share Unrisked, based on the Independent Expert's asset valuations The strategic importance of Dana's assets and its management team to KNOC � KNOC has publicly stated it has very ambitious reserves and production growth targets. KNOC needs to more than double its production and reserves by 2012 - but opportunities for KNOC to meet these targets are scarce � KNOC's Offer does not recognise the value of the Dana management team and its excellent track record of growing reserves and production, or the value of security of oil supply and protection for KNOC against future oil price increases Colin Goodall, Chairman of Dana commented: "For proof that Dana is worth substantially more than 1800p per share, our shareholders need look no further than KNOC's extraordinary actions. For a national oil company to launch a hostile offer without access to detailed technical information, means KNOC must be highly confident that the Dana assets are worth much more than their offer price. KNOC has an urgent need for reserves and production to meet its published corporate targets, set by national priorities. Dana's assets and operational management teams are of strategic importance to KNOC and Dana shareholders should rightly demand a full and fair value for surrendering control of a strong independent company, with high quality assets dominated by OECD oil production." Tom Cross, Chief Executive of Dana commented: "The Dana Directors have one overriding priority, that is to maximise value for all Dana shareholders. Since the first moment KNOC approached Dana, we have held out the hand of friendship and asked KNOC repeatedly to hold a proper value discussion with the Board of Dana. KNOC has consistently refused this path, preferring to go hostile without access to full information on Dana. As a consequence, KNOC has failed to win the support of the Dana Board which has created a highly successful international oil company, through the exceptional levels of commitment, skill and experience of the Dana team, and does not want to see the Company sold below fair value to the detriment of Dana shareholders. During 2010, Dana is on course to nearly double production to 70,000 barrels per day and grow its reserve base significantly. This is transformational growth by any measure, and KNOC's bid, based on incomplete information, is simply not reflective of the true value of the Company. I would encourage all shareholders to read Dana's defence circular published today, which includes an independent expert valuation report. This demonstrates that KNOC's offer of 1800p would utterly fail to compensate Dana's shareholders for both Dana's existing asset value and for the significant upside potential already embedded in the business." |
Posted at 31/8/2010 11:55 by grigor 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. |
Posted at 22/8/2010 21:32 by edmondj By Jonathan Wong | August 23, 2010 12:53 AM BSTDana Petroleum to strengthen its bid defense with Suncor assets Dana Petroleum, the company in the midst of a hostile takeover from Korea National Oil Corp (KNOC) will release its interim results on Friday including a full disclosure on its plans to develop North Sea oil assets bought from Suncor recently that will see the onus placed back on the state owned oil company, KNOC to up its bid. KNOC which bid 1800 pence, a sixty percent premium to Dana's share price - which had underperformed - on 2nd July was not enough to convince the board to accept. The Korea National Oil Corp has responded by going hostile after it said it had 48.62 per cent of shareholders behind it. However, with Dana owner and co-founder Tom Cross keen to push for more, it remains to be seen how much further Korea National Oil Corp will have to go to get their prize as the Dana board believe that KNOC would prefer a 'recommended' deal rather than going more hostile. Although privately agreeing to accept a takeover, it appears that the Dana board - should they actually go as far as recommending it - could save KNOC up to 25p a share as a quicker scheme of arrangement voting could be made. The board are planning therefore to use Friday's interim results meeting to strengthen its defense against the bid by placing strong emphasis on 'near-term business developments' which it says have not been taken into consideration as yet. Part of the bid defense revolves around a £220-£240 million package of North Sea assets which they recently acquired from Canadian company, Suncor Energy that it plans to develop and add 'substantial value' to the company. KNOC on the other hand, believe that any new information has already been considered and would 'continued to be paid for' in 'full and fair value for any assets acquired through such auction processes'. The Korean company does not believe it needs to add any further value to its cash offering. Peter Hitchens, analyst at Panmure Gordon, said Dana could offer some positive developments from its Anne Marie well off the Faroe Islands but he says it could take a while before extensive results from that drilling programme can be revealed. Even when data is unveiled, Hitchens does not believe it will add a life-changing sum to Dana's share price. "Basically they will have to pull a massive rabbit out of the hat at the interims to convince shareholders it is worth more," Hitchens said. |
Posted at 20/8/2010 14:48 by spob KNOC launches hostile bid for DanaBy Miles Johnson FT Published: August 20 2010 08:06 | Last updated: August 20 2010 11:23 South Korea's national oil company on Friday launched a landmark £1.87bn hostile takeover offer for Dana Petroleum, after shareholders owning almost half of the UK oil explorer offered their support. The move is the first time an Asian state-owned company has taken a bid directly to shareholders in the UK, signalling a shift in the battle for overseas reserves by the region's national energy groups. EDITOR'S CHOICE Video: Will KNOC overpay? - Aug-20Oil sector bid activity limits London's losses - Aug-20Dana targeted for hostile bid - Aug-19Dana in talks over £200m North Sea deal - Aug-17Asian buyers circle oil minnows - Jul-19S Korea's KNOC eyes $6.5bn oil deals - Jan-20 Korea National Oil Corporation said it had received letters of intent from shareholders owning 48.6 per cent of Dana to sell their shares at £18 each, meaning the Dana management, led by chief executive Tom Cross, face a battle to retain their grip on the company. Dana shares rose nearly 6 per cent in trading on Friday to £17.93. Mr Cross, who founded Dana in 1994 and developed it from a fledgling North Sea operator to a FTSE 250 company, owns about 2 per cent of the shares. Dana rejected a £18 per share friendly approach from KNOC earlier this month, saying it undervalued the North Sea and Africa-focused explorer. Dana is expected to launch a last ditch defence when it unveils its interim earnings next Friday. "We believe that we have no alternative other than to put our attractive proposal directly to shareholders given the inability to reach a private agreement with the board of Dana," said Seong-Hoon Kim, senior vice president of KNOC. In a statement Dana urged its shareholders and convertible bond holders to take no action in response to the KNOC offer. More FT video Schroders, Blackrock and JPMorgan Asset Management, among Dana's largest institutional shareholders, signed the non-binding letters of intent to sell a stake worth a combined 21.2 per cent of the company to KNOC at £18 a share. Arbitrage hedge funds, which profit from making bets on takeover situations, signed over letters totalling 27.4 per cent of Dana shares. In a direct overture to Dana's staff, KNOC said: "[It] highly values the skills, knowledge and expertise of Dana's existing operational management and employees, and expects them to play an important role in the further development and growth of the business". Under the terms of the offer KNOC would acquire Dana's shares and £141.5m of outstanding convertible bonds for a total of £1.87bn with the £18 per share offer representing a 59 per cent premium to the company's share price before the approach was revealed. The offer will require the approval of regulators in the UK, Norway and other countries in which Dana operates. The South Korean company said it had received legal advice that made it confident this would be successful. KNOC's desire to acquire Dana reflects the increasing political pressure on the company from a state which has made energy security a priority, to increase its daily production from 137,000 barrels per day to 300,000 b/d by 2012, after missing out on other targets. Last year, Sinopec, the Chinese state oil company, beat it to Addax Petroleum, the London-listed oil group. KNOC is being advised by Bank of America Merrill Lynch and Dana by Royal Bank of Canada and Royal Bank of Scotland. |
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! |
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