Dana Acquires Two North Sea Licences from PA Resources

Dana Petroleum clinched a deal with PA Resources for two licences in the North Sea, one in the Danish sector and one in the German waters. Both licences are located near existing Dana operated licences in the Netherlands. 

The total value of the deal is approximately $44 million including future contingent payments. 

“These licences are a great strategic fit for Dana giving us access to resources close to our existing licences and infrastructure,” Dana's Netherlands Managing Director Nick Dancer said in a note released on Monday. 

According to the agreement, the Korea National Oil Corporation (KNOC)’s subsidiary acquires 40% equity and operatorship of the Danish 12/06 licence and 56% equity and an option for operatorship of the German B20008-73 licence. 

“Dana's strategy is to significantly grow our production. This acquisition gives us the ability to do that by building a new Central European hub based on having operations in the Netherlands, Denmark and Germany," Graham Scotton, Dana's acting Chief Executive, commented on Monday.