Contractors Unlimited

Dana Petroleum Statement in Response to Announcement by Korea National Oil Corporation ("KNOC")

The Board of Dana notes the announcement by KNOC today of the terms of a cash offer to be made for the entire issued and to be issued ordinary share capital of Dana at 1800 pence per share and the terms of a cash offer for the Dana Convertible Bonds (the "Offers").

Dana notes the statement by KNOC in its announcement that:

"In the light of the assertion that KNOC continues to be aware of significant, well advanced, non-public information, and given that Dana has not made any further announcement, as a matter of prudence, KNOC has not acquired any Dana Shares and has not sought any irrevocable undertakings to accept the Share Offer."

As announced yesterday, Dana will be publishing, on Friday 27 August 2010, its interim results. In addition to a review of the period ended 30 June 2010, the Company will give a full operational update on its current production, development and exploration activities and the near term business development programme.

In the meantime, the Board of Dana advises shareholders and convertible bond holders to take no action in respect of the Offers.

RBS Hoare Govett, 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 Proposal and this announcement and will not be responsible to anyone other than Dana for providing the protections afforded to clients of RBS Hoare Govett nor for providing advice in connection with the Proposal or this announcement or any matter referred to herein.

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 Proposal 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 Proposal or this announcement or any matter referred to herein.

Disclosure requirements of the Takeover Code (the "Code"):

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any paper offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any paper offeror is first identified.

An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any paper offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a paper offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any paper offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any paper offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any paper offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a paper offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. If you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

Dana Petroleum plc is a leading British independent oil company, committed to maximising shareholder value through the creation and execution of high impact opportunities. Dana's licence portfolio across Europe and Africa provides a strong and balanced asset base underpinned by healthy cash reserves. The company have built a robust portfolio delivering strong cash flow, a range of development opportunities and an extensive and exciting exploration programme. Dana Petroleum headquarters are in Aberdeen, Scotland.

Published 20/08/2010

Share |

Find out more about:

Dana Petroleum »

Search for more News














Advertising || About Us || Contact Us || Search || Legal || Tell a Friend
© Copyright 2010 - All rights reserved