UK-based oil and gas exploration firm Dana Petroleum has expanded its portfolio by acquiring equity in two licences in the Danish and German sectors of the Southern North Sea for about $44m.
The company will acquire 40% share and operatorship of the Danish 12/06 licence and 56% equity as well as option for operatorship of the German B20008-73 licence from PA Resources (PAR) UK.
Both the licences are located near Dana’s current operated licences in the Netherlands, the F02a producing licence containing the Hanze oil field and Pliocene gas field as well as the F06 exploration licence comprising the Zulu, Snellius and Huygens-east prospects.
With the transactions, the UK-based firm is acquiring about 32MMboe of contingent and prospective risked resources.
Dana Netherlands managing director Nick Dancer said: "These licences are a great strategic fit for Dana giving us access to resources close to our existing licences and infrastructure.
"It will also allow us to fully exploit the wealth of talent and experience we have in the Netherlands team as we grow and develop our European operations.
"We look forward to working with PA Resources and the partnership to appraise the discoveries with a view to bringing them to development."
PA Resources president and CEO Mark McAllister said: "PA has brought in on advantageous terms a highly competent and motivated operator to progress our operated discoveries through appraisal and potentially development.
"Dana has a long operating track record in the Netherlands where its nearest operated facility is the Hanze oil and gas field, only around 50km south of Licence 12/06.
"There are many geological similarities and operating synergies between Dana’s north Netherlands position and PA’s Danish and German assets and we look forward to working closely with Dana and our co-venturers to progress the exploration, appraisal and development of these assets."
The acquisitions are subject to the approval of government as well as partner.