DNX Dana Petroleum

 

TIDMDNX 
 
RNS Number : 2808T 
Dana Petroleum PLC 
24 September 2010 
 

 
 
 
 
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR 
FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE 
RELEVANT LAWS OF SUCH JURISDICTION 
 
Dana Petroleum plc 
("Dana" or the "Company") 
 
Recommendation to accept Korea National Oil Corporation's Offer 
 
The Board of Dana (the "Board") notes the announcement this morning by Korea 
National Oil Corporation ("KNOC") that, as at 1.00 p.m. (London time) on 23 
September 2010, KNOC owned or had received valid acceptances in respect of a 
total of 59,468,291 Dana Shares which represents approximately 64.26 per cent. 
of the issued share capital of Dana, including the 29.5 per cent. of the issued 
share capital of Dana acquired by KNOC on 17 September 2010. The Board of Dana 
further notes that KNOC has now declared the offer wholly unconditional. 
 
While the Board remains highly confident in the standalone prospects of Dana, 
the Board recognises there are risks to Dana shareholders of remaining as a 
minority shareholder in Dana in light of KNOC's stated intention to procure that 
Dana cancels both its listing on the UKLA's Official List and its admission to 
trading on the London Stock Exchange if sufficient acceptances of the Share 
Offer are received, as set out in the KNOC Offer Document. 
 
For this reason, the Board, which has been so advised by RBS Hoare Govett, RBC 
Capital Markets and Morgan Stanley, now recommends that shareholders accept the 
Share Offer, as the Board intends to do in respect of its own beneficial 
holdings. 
 
KNOC have stated that the Share Offer is extended and will remain open for 
acceptance until further notice and at least 14 days' notice will be given by 
announcement before the Share Offer is closed. Full details of how to accept the 
Offer in respect of certificated and uncertificated Dana Shares are set out in 
the KNOC Offer Document and, in the case of certificated Dana Shares, the 
accompanying Form of Acceptance. 
 
Colin Goodall, Chairman of Dana commented: 
 
"Dana is an excellent Company which has a bright future and would have continued 
to grow strongly as an oil and gas independent. However, in light of KNOC's 
stated intention to de-list the Company, today we are reluctantly recommending 
that shareholders accept KNOC's offer because we believe that this is now in the 
best interests of the significant number of Dana shareholders who have supported 
the Company and not yet accepted. 
 
Dana started as a private company with funding of less than GBP1 million. It 
moved onto the Official List of the London Stock Exchange in 1996 with a market 
capitalisation of just GBP24 million and Dana now has a market value of over 
GBP1.9 billion. 
 
This outstanding creation of value is testament to the truly exceptional 
leadership, intelligence and integrity of Tom Cross, who has driven the Company 
forward since inception, and the remarkable skills, knowledge and experience of 
the Dana team. Dana's personnel across the world can be very proud of what they 
have achieved." 
 
 
 
 
 
 
 
 
 
Tom Cross, Dana's Chief Executive Officer, commented: 
 
"I would like to take this opportunity to thank all our shareholders, large and 
small, for their support in building Dana as a public company. Exceptional 
returns have been delivered to shareholders through the expertise and dedication 
of our highly committed team of oil industry professionals. 
 
Dana has developed into a very strong and growing E&P business with over 100 
interests spanning nine countries, including substantial OECD production and 
reserves and major exploration upside. 
 
We will work closely with KNOC to ensure all our production, development and 
exploration projects continue to move forward expeditiously to maximise the 
economic benefits for all the stakeholders, including KNOC, our industrial 
partners and the host governments with which we work. KNOC is acquiring a great 
portfolio of assets with an excellent management team and I believe that the 
business will continue to flourish under KNOC's ownership." 
 
Terms used in this announcement shall have the meaning given to them in the KNOC 
Offer Document dated 25 August 2010, unless otherwise defined herein or the 
context requires otherwise. 
 
24 September 2010 
 
Enquiries 
 
+--------------------------------------------+---------------+ 
| Dana Petroleum Plc                         | 01224 652 400 | 
+--------------------------------------------+---------------+ 
| Colin Goodall, Chairman                    |               | 
+--------------------------------------------+---------------+ 
| Tom Cross, Chief Executive Officer         |               | 
+--------------------------------------------+---------------+ 
|                                            |               | 
+--------------------------------------------+---------------+ 
| RBS Hoare Govett                           | 020 7678 8000 | 
+--------------------------------------------+---------------+ 
| Stephen Bowler                             |               | 
+--------------------------------------------+---------------+ 
| John MacGowan                              |               | 
+--------------------------------------------+---------------+ 
| Graham Hertrich                            |               | 
+--------------------------------------------+---------------+ 
|                                            |               | 
+--------------------------------------------+---------------+ 
| RBC Capital Markets                        | 020 7653 4000 | 
+--------------------------------------------+---------------+ 
| Tim Chapman                                |               | 
+--------------------------------------------+---------------+ 
| Josh Critchley                             |               | 
+--------------------------------------------+---------------+ 
|                                            |               | 
+--------------------------------------------+---------------+ 
| Morgan Stanley & Co. Limited               | 020 7425 8000 | 
+--------------------------------------------+---------------+ 
| Andrew Foster                              |               | 
+--------------------------------------------+---------------+ 
| Ian Hart                                   |               | 
+--------------------------------------------+---------------+ 
|                                            |               | 
+--------------------------------------------+---------------+ 
| Brunswick Group LLP                        | 020 7404 5959 | 
+--------------------------------------------+---------------+ 
| Patrick Handley                            |               | 
+--------------------------------------------+---------------+ 
|                                            |               | 
+--------------------------------------------+---------------+ 
| College Hill Associates                    | 020 7457 2020 | 
+--------------------------------------------+---------------+ 
| Nick Elwes                                 |               | 
+--------------------------------------------+---------------+ 
 
 
 
 
The Directors of Dana accept responsibility for the information contained in 
this announcement. To the best of the knowledge and belief of the Directors, who 
have taken all reasonable care to ensure such is the case, the information 
contained in this announcement is in accordance with the facts and does not omit 
anything likely to affect the import of such information. 
 
RBS Hoare Govett Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting exclusively for Dana and 
no one else in connection with the Offer and this announcement and will not be 
responsible to anyone other than Dana for providing the protections afforded to 
clients of RBS Hoare Govett Limited nor for providing advice in connection with 
the Offer or this announcement or any matter referred to herein. 
 
Royal Bank of Canada Europe Limited ("RBC Capital Markets"), which is authorised 
and regulated in the United Kingdom by the Financial Services Authority, is 
acting exclusively for Dana and no one else in connection with the Offer and 
this announcement and will not be responsible to anyone other than Dana for 
providing the protections afforded to clients of RBC Capital Markets nor for 
providing advice in connection with the Offer or this announcement or any matter 
referred to herein. 
 
Morgan Stanley & Co. Limited, which is authorised and regulated in the United 
Kingdom by the Financial Services Authority, is acting exclusively for Dana and 
no one else in connection with the Offer and this announcement and will not be 
responsible to anyone other than Dana for providing the protections afforded to 
clients of Morgan Stanley & Co. Limited nor for providing advice in connection 
with the Offer or this announcement or any matter referred to herein. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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