Dana Completes Acquisition of Devon's Egyptian Interests
Dana Petroleum has completed the purchase of Devon Energy's entire upstream petroleum business interests in Egypt, spanning eight companies and eight PSCs, for a purchase price of $375 million as of the effective date of January 1, 2007. Dana also gains approximately $67 million of working capital in Devon Egypt.
Tom Cross, Dana's Chief Executive, commented:
"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.
"Dana now holds assets positioned across the major petroleum provinces in Egypt, namely the Nile Delta, Gulf of Suez and Western Desert. The Group also has in place an excellent operating team in Egypt, which is focused on delivering further growth."
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