Petroleum Africa
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Tuesday, April 30, 2019
South Korean state-run oil and gas firm, KNOC, is looking to sell a portion of its UK subsidiary Dana Petroleum. Reports have the Korean firm hiring Scotia Bank to find a buyer for a 30% stake of Dana.
The search for a financial partner for Dana is expected to begin in early-May, when confidential information packages will be circulated to interested parties to undertake due diligence checks on the business, one of the sources said.
The source added the stake could be valued at up to $550 million.
KNOC bought Aberdeen-based Dana, an exploration and production company with operations across the North Sea, the Netherlands and Egypt, in 2010 for $2.9 billion, including the company’s bondholders.
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