DANA Petroleum, the oil and gas exploration company, is to raise £15.7 million sterling (€24.5 million) in a placing, an open offer and the issue of a loan note. The funds, Dana said, would be used to underpin the company's growth plan, including the appraisal of its four recent oil and gas discoveries in Europe and the Far East.

The placing and open offer is on the basis of one new share for every 17 existing shares at 16p per share. The loan note is for $12.5 million (€12.1 million).