Dana Petroleum CEO looks to North Africa for more large acquisitions

Dana Petroleum PLC is looking to North Africa for more large acquisition opportunities, chief executive Tom Cross said on the day it announced a 375 mln usd buy of Devon Energy Corp’s Egyptian assets, although he says this won’t come at the expense of its UK portfolio.

Cross told Thomson Financial News in an interview that its programme of production, exploration and capital expenditure is relatively evenly balanced across its existing North Sea fields, and the new assets in Egypt, but that any large acquisitions are likely to come from Africa rather than closer to home.

Forbes