German and Danish North Sea licenses to be bought for $44m

Dana Petroleum has lined up a deal worth $44m (£27m) to buy oil and gas licenses in the German and Danish sectors of the North Sea from PA Resources. The […]

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Dana Petroleum has lined up a deal worth $44m (£27m) to buy oil and gas licenses in the German and Danish sectors of the North Sea from PA Resources.

The firm could potentially recover as much as 32 million barrels of oil equivalent (MMboe) after the buy.

Dana will buy a 40% share in the Danish 12/06 license and a 56% share in the German B20008-73 license. PA Resources will keep a 24% share in the former and a 34% share in the latter.

Mark McAllister, President and CEO of PA Resources said: “Dana has a long operating track record in the Netherlands where its nearest operated facility is the Hanze oil and gas field, only around 50km south of Licence 12/06.”

Dana’s Managing Director for the Netherlands, Nick Dancer said: “These licences are a great strategic fit for Dana giving us access to resources close to our existing licences and infrastructure.”

The deal will still need approval by the relevant governments and other partners before it can go through.