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Dana Petroleum is a UK-based oil and gas exploration and production company, while Hyperdynamics is a US-based independent oil and gas exploration and production company.
The consideration will consist of $5 million in cash payable upon execution of the definitive agreements, with the remaining $15 million payable at Dana's option in either cash or newly issued ordinary shares of Dana.
Deal Value (US$ Million) 20 Deal Type Acquisition Sub-Category Asset Purchase Deal Status Announced: 2009-10-19
Deal Participants
Target (Company) Hyperdynamics Corporation - Oil and Gas Concession - Guinea Acquirer (Company) Dana Petroleum plc Vendor (Company) Hyperdynamics Corporation
Deal Rationale
The acquisition will enable Dana Petroleum to expand its exploration portfolio in West Africa.
% Acquisition 23%
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