Dana Petroleum is being courted by a South Korean oil company Korean National Oil Company. News of the potential purchase bid saw Dana Petroleum stock rise by 22 per cent.
A Dana spokesman confirmed that the approach was unsolicited. Most will see another Scottish headquartered company being purchased away as a dismal prospect. Recently Centrica acquisitioned Scotland headquartered based Venture Production an oil and gas exploration company.
KNOC has issued a statement that making a bid for Dana was not a certainty and Dana has admitted only that negotiations were in the very early stages. KNOC bought Harvest Energy of Canada. They have goals of doubling their now oil production to 300 million barrels a day. With Dana’s producing assets in the North Sea and Egypt, a place of usual political stability, it has been a likely candidate for a take over.
Shares closed Friday with a 223.00 change of 18.95 per cent.