SFD Sandford

RNS No 5586q        
SEAFIELD RESOURCES PLC
5th September 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")
  OFFER DECLARED UNCONDITIONAL IN ALL RESPECTS
  
  Dana is pleased to announce that, in relation to the offer
  by Dana to acquire the entire issued share capital of
  Seafield ("the Offer"), at 3.00pm on 4th September, 1997,
  valid acceptances of the Offer had been received in respect
  of a total of 68,531,198 Seafield Shares, representing
  approximately 95.80 per cent. of Seafield's issued share
  capital, as enlarged following the exercise of options since
  22nd August 1997.  Seafield Shareholders holding a total of
  45,315,023 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.
  
  Following a Board Meeting of Dana earlier today, the Offer
  has been declared unconditional in all respects.  It is
  expected that admission of the new Dana Shares to the
  Official List and the Irish Official List will become
  effective at 8.30am on 8th September, 1997.  The Offer will
  remain open for acceptances until further notice.
  
  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 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 4th
  September, 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.
  
  Dana now owns or has received acceptances in respect of more
  than nine-tenths of the Seafield Shares to which the Offer
  relates and therefore intends to implement the procedure
  under Section 429 of the Companies Act 1985 to aquire
  compulsorily all of the outstanding Seafield Shares.  A
  letter, together with a statutory notice pursuant to Section
  429, will be posted shortly to Seafield Shareholders who
  have not accepted the Offer.
  
  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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