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Dana Petroleum buys Devon's Egypt assets
NEW YORK — Dana Petroleum Plc, a Scotland- based oil and gas explorer, bought Devon Energy Corp's petroleum assets in Egypt for $375 million. The stock rose to its highest in four weeks.
The assets include eight production-sharing contracts in the North African nation, Aberdeen-based Dana said in a Regulatory News Service statement yesterday.
Dana said it will also gain $67 million of working capital in Devon's Egyptian unit. Devon Egypt produced about 12,300 barrels a day last year and had about $242 million in gross assets at the end of 2006, Dana said in the statement.
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