Dana has agreed terms to conditionally subscribe for 1,518,750 new shares in Ener at a subscription price of NOK160 per share. This represents approximately 53% of the fully diluted share capital of Ener following the issuance of the new shares to Dana.
In a press release on the agreement, Dana said that these funds will be applied to grow the Ener exploration and production business on the Norwegian Continental Shelf.
Dana added that it has also entered into conditional share acquisition agreements for the purchase of certain existing shares in Ener at a price of NOK220 per share payable in cash. Upon completion of these transactions, Dana will control approximately 93.7% of the total shares in Ener, which will then become the Norwegian subsidiary of Dana.
Once Dana has reached 100% shareholding in Ener, the effective purchase price Dana will have paid to acquire all of Ener’s shares will be approximately GBP24 million, the company said.
Tom Cross, CEO of Dana Petroleum, commented: The acquisition of Ener is directly in line with Dana’s strategy, which is delivering strong growth from exploration and production across the North Sea and Africa.
The Ener deal will add to Dana approximately 5,400 barrels of oil equivalent per day and most importantly accelerate a portfolio of attractive business opportunities in Norway, Mr Cross added.
The transactions are subject to certain conditions, including regulatory approvals from the Norwegian Ministry of Petroleum and Energy and the Norwegian Ministry of Finance.
