DANA Petroleum said yesterday that shareholders had unanimously approved its proposed £270million acquisition of Petro-Canada Netherlands.
It said completion of the acquisition, which provides significant production and reserves growth for the Aberdeen-based oil and gas firm, is expected to take place later this week.
Following completion Dana’s daily production capacity should rise to about 50,000 barrels of oil equivalent (boe) per day and its proved plus probable reserves to about 254million boe.
Cash for the deal will be drawn from Dana’s new £566million bank facilities.
Chief executive Tom Cross, said: “The shareholder vote is a resounding confirmation of support for Dana’s ambitious growth strategy.
“This transaction represents Dana’s fourth international acquisition in the past three years and is the most significant and exciting development in the company’s history. We look forward to working with the Petro-Canada Netherlands team in The Hague to capitalise on opportunities and to drive the business forward.”