UK-listed Dana Petroleum is poised to buy up the Dutch operations of Petro-Canada for about £270m ($393m), it has been revealed.

Dana expects the transaction to be completed in the third quarter of this year after securing the approval of shareholders at a general meeting.

Dana has lined up a $900m term loan and revolving facility through the Royal Bank of Canada to finance the deal.

Petro-Canada Netherlands is an upstream oil and gas exploration and production company operating in the Dutch sector of the North Sea.

Dana will own interests in 54 fields, up from its current 36 fields, after buying out Petro-Canada Netherlands.