Dana Petroleum acquires Devon’s oil and gas operations in Egypt

November 14th, 2007 - 8:07 am ICT by admin  
Nicosia, Oct 30 (ANI): Dana Petroleum plc has announced that its wholly owned subsidiary Dana Petroleum (Eand P) Limited has completed the acquisition of Devon Energy Corporation’s entire upstream petroleum business interests in Egypt spanning eight companies and eight Production Sharing Contracts in the Gulf of Suez and the Western Desert regions.

The purchase price is 375 million dollars. In addition to receiving the oil and gas production and exploration assets of Devon Egypt, Dana will also gain approximately 67 million dollars of working capital in Devon Egypt.

Tom Cross, Dana’s Chief Executive, said that the deal represented a significant reserves and production growth step for Dana and added that strategically the acquisition fitted closely with its previous Egyptian transactions. The new portfolio contained a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions.

The concessions acquired by Dana Petroleum in Gulf of Suez are: East Zeit (100 pc) North Zeit Bay (100 pc) and Ras Abu Darag (100 pc), as well as South October (together with Teikoku 35 pc). Acquisitionsn the Western Desert include: Qarun fields ( 25 pc, Apache 75 pc and operator), East Beni Suef (50 pc, Apache 50 pc and operator) West Abu Gharadig (30 pc, IEOC 4 pc and operator, INA 25 pc,), North Qarun Exploration Concession (50 pc and operator, Teikoku 25 pc, Santos 25 pc).

Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert. (ANI)

Related Stories

Tags: , , , , , , , , , , , , , , , , ,

Posted in Business |