Valiant Exploration acquires 50% stake in three energy blocks from Dana Petroleum

Thu. June 18, 2009; Posted: 02:21 PM

Jun 18, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- DNPXF | Quote | Chart | News | PowerRating -- Valiant Exploration Limited, a wholly-owned subsidiary of Valiant Petroleum Limited, has acquired a 50% stake in Licence P.212, Block 211/8a, and Licence P.296 Block 211/13a Rest of Block including Penguin Field (excluding Penguin West and Penguin East), from Dana Petroleum (E&P) Limited, a wholly-owned subsidiary of Dana Petroleum plc. Both the companies are based in the UK.

Valiant Petroleum and Dana Petroleum plc are engaged in oil and gas exploration and production activities.

Announcement (March 3, 2009):

Valiant Exploration has entered into a sale and purchase agreement to acquire a 50% stake in Licence P.212, Block 211/8a, and Licence P.296 Block 211/13a Rest of Block including Penguin Field (excluding Penguin West and Penguin East), from Dana Petroleum.

Valiant is currently operating on both licenses and following the completion Valiant would own 100% of the blocks.

Oriel Securities Limited and Tristone Capital Limited are acting as brokers, while Aquila Financial Limited is acting as PR advisor to Valiant Exploration.

Deal Type    Acquisition
Sub-Category Asset Purchase
Deal Status  Completed: 2009-06-18

Deal Participants

Target 1 (Company) Dana Petroleum (E&P) Limited - License P.212, Block 211/8a
Target 2 (Company) Dana Petroleum (E&P) Limited - License P.296 Block 211/13a
Target 3 (Company) Dana Petroleum (E&P) Limited - Penguin Field
Acquirer (Company) Valiant Exploration Limited
Vendor (Company)   Dana Petroleum (E&P) Limited

Deal Rationale

This acquisition consolidates Valiant Exploration's operated position in one of its core areas and has the potential to provide Valiant Exploration with further strong production growth.

% Acquisition 50%

For full details for DNPXF click here.

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