Dana Plans to Make Offer for Ener Petroleum

In response to the announcement made earlier Wednesday by Ener Petroleum ASA, Dana Petroleum plc confirmed its intention to make a conditional offer for 100% of the share capital of Ener at a share price of NOK 375 per share paid in cash, representing a total equity consideration of approximately NOK 495 million (GBP 41 million).

In total, Ener shareholders and warrant holders, including board members and senior management, representing approximately 35% of the diluted share capital have signed irrevocable pre-acceptances. Dana expects to shortly make a voluntary offer to all shareholders of Ener that would be subject to certain conditions. These conditions would include, inter alia, acceptance by shareholders and warrant holders of Ener holding at least 50.1% of the diluted share capital, completion of due diligence and all necessary regulatory and other third-party approvals.

A further announcement will be made in due course.


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