Dana Petroleum

[Mosa]

I'll post this on the new forum once I have joined, but off out for the day.

Does anybody remember the details of the Dana sale? oil in place, recoverable and costs/flows etc

I will do a bit of googling later but just interested in the basic numbers

[fightfear]

Quick google search - £1.87b for P50 (proved and probable) of 223mbls located in Egypt, the North Sea and Morocco equating to an average of over $13.4/b

I haven't looked into it in much detail though and it seems other sources quote slightly different figures.

[rbale1977]

Think FFs info is about right but as he says there seem to be various sources quoting slightly different details.

Interestingly t/o happened at 1800p (hostile) and had been deemed undervalue by the BoD who advised shareholders to reject it (i guess this may just have been a standard negotiation attempt but the below are interesting):

http://www.dana-petroleum.com/Media-centre/Press-releases/2010/VALUE-BASED-DEFENCE---DANA-RESPONSE-TO-KNOC-OFFER/

http://www.offshoreenergytoday.com/uk-dana-petroleum-rejects-knoc%E2%80%99s-inadequate-takeover-offer/

[MJS28]

Also worth noting that, at the time of the offer for Dana in August 2010, the oil price was about $75 a barrel, whereas today its nearly $100 a barrel :)

[Mosa]

Thanks peeps.  I need to look today in more detail, just trying to find shares in issue etc.  What was flowing, rates.

There is so little info about sales in the US just trying to work out market rates.  I know people have put spreadsheets together with theoretical what if prices, but to be honest it is the market and negociation that will decide once we have some numbers to stand behind.

[MJS28]

Cheers rbale, interesting that - their 2009 production was about 38k bopd, looking to hit 70k bopd by end 2010.
Might be worth us drillin a few more holes before puttin up the For Sale sign then?

[fightfear]

50k bopd

[fightfear]

Mosa - this may help

Those are average figures for the entire country so given our super low costs I'd expect it to be at least at the top end of those (probably much higher)