Dana set to take charge of Danish, German offshore licenses

PA Resources has agreed to sell a 40% interest in two North Sea licenses to Dana Petroleum.

Offshore staff

STOCKHOLM, SwedenPA Resources has agreed to sell a 40% interest in two North Sea licenses to Dana Petroleum.

If ratified, PA will retain 24% in Danish license 12/06 and 34% in German license B20008/73, with Dana assuming operatorship in both cases.

The Danish license contains two discoveries made by PA in 2011 –Broder Tuck (gas condensate) and Lille John (oil). Development feasibility studies are under way for Broder Tuck, and an appraisal well should be drilled next year on Lille John.

Dana will pay around $44 million, and will also join the PA-operated consortium bidding for acreage under Denmark’s 7th licensing round, which is expected to open early next year.

Mark McAllister, president and CEO, described Dana as “a highly competent and motivated operator to progress our operated discoveries through appraisal and potentially development. Dana has a long operating track record in the Netherlands where its nearest operated facility is theHanze oil and gas field, only around 50 km [31 mi] south of license 12/06.

“There are many geological similarities and operating synergies between Dana’s north Netherlands position and PA’s Danish and German assets.”

12/16/2013

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