SFD Sandford

RNS No 0186k
SEAFIELD RESOURCES PLC
22nd August 1997

  
  NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO
  UNITED STATES, CANADA, AUSTRALIA OR JAPAN
  
  DANA PETROLEUM PLC ("DANA")
  RECOMMENDED OFFER FOR SEAFIELD RESOURCES PLC ("SEAFIELD")
  96.6 PER CENT. ACCEPTANCE LEVEL
  OFFER BECOMES UNCONDITIONAL AS TO ACCEPTANCES
  CASH ALTERNATIVE CLOSED
  
  Dana is pleased to announce that, at 3.00pm on 21st August,
  1997, the first closing date of the offer by Dana to acquire
  the entire issued share capital of Seafield ("the Offer"),
  valid acceptances of the Offer had been received in respect
  of a total of 67,191,614 Seafield Shares, representing
  approximately 96.63 per cent. of Seafield's issued share
  capital.  Seafield Shareholders holding a total of
  43,975,439 Seafield Shares have accepted the Offer to
  receive new Dana Shares, and holders of 23,216,175 Seafield
  Shares have elected to receive the Cash Alternative.
  
  Prior to the commencement of the Offer period on 6th June,
  1997, neither Dana nor any person acting in concert with
  Dana, other than as referred to herein, held any Seafield
  Shares (or rights over such shares).  Since that date, and
  other than as referred to herein, neither Dana nor any
  person acting in concert with Dana has acquired or agreed to
  acquire any Seafield Shares (or rights over such shares)
  other than pursuant to the Offer.
  
  During the Offer period, Dana received irrevocable
  undertakings from each of the Seafield Directors, National
  Power PLC, Limpopo Investments Limited and David Keith to
  accept the Offer in respect of 24,625,657 Seafield Shares
  representing 35.4 per cent. of the issued share capital of
  Seafield.  The above parties have elected to receive new
  Dana Shares under the terms of the Offer.  In addition, Dana
  received an undertaking from PDFM Limited to accept the
  Offer in respect of 10,277,529 Seafield Shares representing
  14.8 per cent. of the issued share capital of Seafield. 
  Valid acceptances have been received in respect of all of
  the shares subject to these undertakings and are included in
  the total of valid acceptances received as at 3.00pm on 21st
  August, 1997.  Other than the acceptances received as a
  result of these undertakings, none of the acceptances have
  been received from persons acting in concert with Dana.
  
  The Offer has become unconditional as to acceptances and has
  been extended and will remain open for acceptances until
  further notice.  However at 3.00pm on 21st August,1997,
  Dana, UBS and Guinness Mahon exercised their right to close
  the Cash Alternative.
  
  The Offer remains conditional, inter alia,  upon Dana
  shareholder approval at an extraordinary general meeting of
  Dana convened for 10.30am today.
  
  Terms defined in the listing particulars and offer document,
  both dated 31st July, 1997, have the same meaning in this
  press release unless the context otherwise requires.
  
  UBS Limited which is regulated by The Securities and Futures
  Authority Limited, is acting as joint financial adviser to
  Dana in connection with the Offer and will not be
  responsible to any person other than Dana for providing the
  protections afforded to its customers or for providing
  advice in relation to the Offer.
  
  Guinness Mahon & Co. Limited which is regulated by The
  Securities and Futures Authority Limited, is acting as joint
  financial adviser to Dana in connection with the Offer and
  will not be responsible to any person other than Dana for
  providing the protections afforded to its customers or for
  providing advice in relation to the Offer.
  
  Enquiries:
  
  Tom Cross       Dana Petroleum plc             0171 256 8900
  
  Lesley Watkins  UBS Limited                    0171 901 3333
  David Blewden
  
  Jagjit Mundi    Guinness Mahon & Co. Limited   0171 623 9333
  
  Charles Wyatt   Walter Judd Public Relations   0171 236 4541 
  
END

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