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Dana Petroleum paid &coop;270 million for PetroCanada Netherlands yesterday, it’s biggest-always acquisition.

The oil group, which operates fields in Britain and North Africa, uttered that the deal would boost its production by up to 9,000 barrels a daytime and give it access to a new area of the Dutch North Sea.

It would furthermore lift Dana’s proved and probable reserves by an supplementary 31 million barrels of oil equivalent, or 12 per cent, to 254 a thousand thousand barrels. Tom Cross, Dana’s chief executive, said that the deal represented Dana’s fourth between nations acquisition in the past three years and was “the chiefly significant and exciting development in the company’s history”.

The Aberdeen-based meeting of friends said that the deal would be financed using a $900 the great body of the people loan and revolving credit facility from the Royal Bank of Canada.

The social meeting expects the deal, which requires approval from shareholders, to be completed by the end of September.

Dana is buying Petro Canada Netherlands from Petro Canada Holdings, a aiding of Suncor, Canada’s largest oil company.

Shares in Dana closed at &im~;10.88 on Friday. It is a leading operator in the North Sea, by four producing fields. It also operates in Norway, Egypt and Morocco.

Last year 81 by means of cent of production came from oil, with gas making up the surplus. It employs 108 people.