Oil & Gas Corporate News
Dana Petroleum Plc (LON:DNX) (DNX, 1695p, ? (0.47%)) KNOC announced the terms of a cash offer to be made for the entire issued and to be issued ordinary share capital of Dana and for the Dana convertible bonds. The offers together value the entire issued ordinary share capital of Dana and the Dana Convertible Bonds at approximately £1.87bn. KNOC has received letters of intent in support of the share offer from the holders of, in aggregate, approximately 48.62% of interests in Dana Shares. Under the terms of the Share Offer, Dana Shareholders will be entitled to receive 1,800 pence in cash for each Dana Share, representing a premium of approximately 59% to the closing mid-market price on 30 June 2010, the last day prior to the date of the announcement that Dana had received an approach and the commencement of the Offer Period, and 56% to the average closing mid market price per Dana Share for the six months up to and including 30 June 2010. KNOC believes that the share offer incorporates a full and fair value for Dana's entire portfolio of production, development and exploration assets and provides Dana shareholders with an opportunity to realise a compelling value in cash at a significant premium to Dana's pre-bid speculation share price. KNOC does not contemplate material changes to Dana's activities at the operational site level.
Xcite Energy (LON:XEL) (XEL, 70.25p, ? (1.75%)) announced its intention to raise funds for an enhanced work programme on the 9/3b-R well in the North Sea. Arbuthnot and First Energy have been engaged, and have received indicative commitments of C$8.5m.
Mining Corporate News
No news to report.
