Dana Petroleum has agreed to acquire the upstream asset portfolio of British company, National Power, for £9.4 million in cash. Also part of the purchase price is the issue of 17.6 million shares of 1p each in the share capital of Dana.

National Powers's upstream portfolio comprises a 10 per cent interest in the Victor gas field and exploration interests. These range from 10 per cent to 20 per cent in 10 British offshore blocks.

The cash consideration is subject to adjustment depending, inter alia, on the financial position of the Victor interest at the date of completion.