Interesting article on the Dana Gas takeover of Centurion. It is...

Interesting article on the Dana Gas takeover of Centurion. It is not a question of how much the oil is worth, as it seems pretty clear that $USD 11-15 is what the market will pay for 2 P reserves, it is just a question of how much is there:

Dana Gas to Acquire Centurion
Dana Gas PJSC|Monday, November 13, 2006

Dana Gas PJSC said Sunday that it has entered into an agreement with Centurion Energy International Inc. of Calgary, Alberta to acquire all of Centurion's outstanding common shares for C$12.00 per share.
Based in Sharjah, UAE, Dana Gas is a private-sector natural gas company operating in the Arabian Gulf Region and listed on the Abu Dhabi Stock Market. Centurion Energy is headquartered in Calgary and is engaged in oil and gas exploration and production with properties in Egypt, Tunisia and offshore West Africa. It is listed on the Toronto Stock Exchange and London AIM.

At C$12.00 per Centurion share, the equity value of the transaction is approximately C$ 1.15 billion on a fully diluted basis. Dana Gas will also assume Centurion's net debt of approximately C$99 million, giving the transaction a total value of approximately C$ 1.25 billion, or US$ 1.10 billion.

The offer price represents a premium of 36.4% over the trading price of Centurion shares on October 30, 2006, the last trading day before Centurion announced it had received an unsolicited approach from a third party. It also represents a 55.9% premium to Centurion's volume weighted average closing price for the 20 trading days up to 30 October 2006. The offer price implies a value of US$11.3/proven plus probable boe.