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Dana Petroleum To Acquire UK-Based Assets Of Petro-Canada: A Move to Extend its Core Operating Area of North Sea - Product Image

Dana Petroleum To Acquire UK-Based Assets Of Petro-Canada: A Move to Extend its Core Operating Area of North Sea

  • Published: September 2010
  • Region: Global
  • 9 pages
  • GlobalData

Dana Petroleum To Acquire UK-Based Assets Of Petro-Canada: A Move to Extend its Core Operating Area of North Sea

Summary

Dana Petroleum plc (Dana), an upstream oil and gas company, through its subsidiary Dana Petroleum (E&P) Limited, entered into an agreement to acquire certain UK assets, from Petro-Canada UK Limited (Petro-Canada UK), for a cash consideration of £240m ($372m). The acquisition will be financed by the Royal Bank of Canada Europe Limited (RBC Capital Markets) and certain other banks, who are lenders under Dana’s existing $900m facility, via a $300m extension of Dana’s existing facility. The sale is part of Suncor's planned divestment program following its merger with Petro-Canada in 2009. The assets include two main production hubs in the UK Continental Shelf, including Petro-Canada UK operated fields around the Central North Sea Triton Area and the Nexen-operated Scott/Telford Moray Firth fields. Additionally, the acquisition includes the prospective Inner Moray Firth exploration portfolio. The UK assets' average daily production was 16,704 boepd for the year ended December 31, 2009

Scope

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1
1.1 List of Tables
1.2 List of Figures
2 Dana Petroleum To Acquire UK-Based Assets Of Petro-Canada
2.1 Deal Overview
2.2 Deal in Brief
2.3 Dana Adds Signifcant Reserve Base to its Portfolio Through this Deal
2.4 Dana Received $300m Extension on its Existing $900m Term Loan and Revolving Credit Facilities
2.5 The Deal is a Part of Suncor’s Divestment Plan
2.6 This Acquisition will Help Dana Increase its Daily Production to around 70,000 boepd by the end of 2010
2.7 Dana Bought 2P at a Premium
2.8 Deal Financials and Valuations
2.8.1 Companies Involved
2.8.2 Deal Financials
2.8.3 Deal Rationale
2.8.4 Advisor Information
2.8.5 Commodity Prices Information
2.8.6 Detailed Target Information
2.8.7 Production and Reserves Information
2.8.8 Transaction Implied Values
2.8.9 Detailed Acquirer Information
2.8.10 Detailed Vendor Information
3 Appendix
3.1 About Energy eTrack
3.2 Methodology
3.2.1 Coverage
3.2.2 Secondary Research
3.2.3 Primary Research
3.2.4 Expert Panel Validation
3.3 Contact Us
3.4 Disclaimer

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