Offshore staff

ABERDEEN, UK -- Dana Petroleum (E&P) Ltd. has acquired Devon Egypt's entire upstream petroleum business interests in Egypt. The $375-millon deal includes eight companies and eight production sharing contracts.

Dana Petroleum will also gain approximately $67 million of working capital in Devon Egypt.

"This deal delivers a significant reserves and production growth step for Dana and strategically the acquisition fits closely with our previous Egyptian transactions. The new portfolio contains a good balance of producing oil fields with numerous attractive drilling opportunities, both on existing fields and within large exploration concessions," says Tom Cross, Dana's Chief Executive. "Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert."

10/9/2007