By Sheri Kasprzak
New York, Nov. 10 - Dana Petroleum plc said it has completed a private placement of stock for £34,395,432.
The company issued 3,953,498 shares at 870p each to a group of new and existing institutional investors.
Hoare Govett Ltd. was the placement agent.
Proceeds will be used to provide additional flexibility following Dana's recent acquisition of oil interests in Algeria from Gaz de France. The rest will be used for exploration and appraisal work on interests in the U.K. North Sea and Egypt.
Based in Aberdeen, Scotland, Dana Petroleum is an oil and natural gas exploration company.
| Issuer: | Dana Petroleum plc
|
| Issue: | Stock
|
| Amount: | £34,395,432
|
| Shares: | 3,953,498
|
| Price: | 870p
|
| Warrants: | No
|
| Placement agent: | Hoare Govett Ltd.
|
| Settlement date: | Nov. 10
|
| Stock price: | 895p at close Nov. 9
|
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