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Dana Petroleum step up sales negotiations with Canadian firm

Firm looking to bolster its presence in the North Sea

23 August 2010

Scotland's Dana Petroleum will continue to engage in business negotiations with Suncor Energy of Canada as it looks to bolster its presence in the North Sea.

Coming as the Aberdeen-based company gets set to release its latest production figures, it has once again been linked with a hostile takeover bid from the energy giant Korea National Oil Corporation (KNOC).

However, while the company is predicted to carry on turning down the overtures from Asia, it is expected to increase its interest in Suncor's North Sea oil assets, which are valued at around £200 million.

According to the Scotsman, Dana chief executive Tom Cross is counting on the sales negotiations with the Canadian company to dissuade shareholders from backing the proposed takeover by KNOC, despite that fact that almost half recently signalled their support for such a deal.

As well as its assets in the North Sea, the Scottish firm also has interests in the seas off the coast of Egypt.

This speculation comes just a couple of months after Dana acquired Suncor's Dutch North Sea oil operations, with that move adding more than 250 employees to its workforce. 

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