Dana Petroleum Chief Executive Steps Down

After three very successful years leading Dana Petroleum, Dr Marcus Richards has decided to step down as Group Chief Executive.

Dr Richards joined the company following its takeover by the Korea National Oil Corporation in late 2010, transforming it from an investor-led business into a fully-fledged exploration and production company operating in Europe, Africa and the Middle East.

During this time Dana’s oil production has increased to 55,000 barrels per day, revenue and profits have been strong and more than 150 people have joined the company.

The growth strategy launched in 2011 has led to exploration and appraisal successes in the UK, Netherlands and Egypt, which have created opportunities for future developments. In parallel, Dana has also shifted its focus from a largely non-operated portfolio towards more operated positions.

Dana’s $1.6 billion Western Isles development project, which was approved by the UK Government in late 2012, will provide an additional 40,000 barrels of daily production when it comes on stream in 2015.

Graham Scotton, Dana’s Chief Operating Officer will become the company’s Acting Group Chief Executive with immediate effect.

Press Release, November 29, 2013