Dana Petroleum and NEO Energy are pleased to announce the signing of a Sale and Purchase Agreement under which NEO Energy will acquire Dana’s full equity in the Western Isles FPSO. NEO Energy intends to redeploy the FPSO at the Buchan field redevelopment. The transaction remains subject to the satisfaction of certain conditions including final investment decision and regulatory approval of the Buchan redevelopment.

About NEO Energy

NEO Energy is an independent full-cycle North Sea operator in the UK Continental Shelf backed by HitecVision. NEO is focused on combining value creation from the prospective North Sea basin with high Environmental, Social and Governance standards.

About Dana Petroleum

Dana Petroleum Limited is an exploration and production company with operations and interests in the UK, the Netherlands and Egypt. We are a wholly owned subsidiary of the Korea National Oil Corporation.