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Allen & Overy LLP is advising Dana Petroleum plc (Dana) on its EUR328 million acquisition of Petro-Canada Netherlands B.V. (PCN), including its entire portfolio of Dutch North Sea exploration and production and gas storage assets, from PetroCanada (International) Holdings B.V., a wholly owned subsidiary of Suncor Energy Inc. A share sale and purchase agreement was signed by the parties on 11 June 2010. PCN is an upstream oil and gas exploration and production company and has interests in a number of producing fields (including the De Ruyter and Hanze fields) as well as exploration acreage in the Dutch sector of the North Sea. In addition, PCN holds a 12 per cent equity interest in the Alkmaar gas storage project. The transaction represents Dana's largest acquisition to date and provides Dana with a focused entry to a third core area in Europe and a complementary asset base in the North Sea. It increases Dana's total number of operating fields to 54 from the current 36 (and includes 15 new offshore fields and 3 new onshore fields). The acquisition is a Class One transaction for Dana and is subject to shareholder approval. The transaction is expected to complete in the third quarter of 2010. The Allen & Overy team was led by corporate partner Dominic Morris together with senior associates Ashley Woods and Michael Jacobs. Dutch law advice was provided by corporate partner Karine Kodde, employment partner Suzanne Sikkink and corporate associate Thomas Kollee. Allen & Overy's Natural Resources and Energy practice has recently advised on a number of high-profile transactions, including Emirates National Oil Company (ENOC) on its GBP 1.2bn recommended cash offer for Dragon Oil Plc by way of a Scheme of Arrangement; Shell on the disposal of its downstream assets in Greece, including 700 fuel stations; Vale SA's USD 5bn sale of bauxite, alumina and aluminium mining and smelting assets to Norsk Hydro and Petroplus on the sale of its refineries in Belgium.
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