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Dana Petroleum, Weatherly International news briefs

By Fox-Davies Capital

Dana Petroleum announced that its wholly owned subsidiary, Dana Petroleum Norway AS, has been awarded interests in nine offshore blocks under six new Production Licences by the Norwegian Ministry of Petroleum and Energy. These awards have been made through the 2009 Norwegian APA Licensing Round, on the Norwegian Continental Shelf.

Weatherly International announced that following the proposed sale of its Tsumeb smelter business, it has terminated its agreement for the sale of the Kombat mine. On 2 November 2009 Weatherly announced that it had entered into an option agreement with a South African company, Cubenco 192 Pty Ltd ('Cubenco') whereby Cubenco had the option to purchase the Kombat mine for a total consideration of US$3M. Under the terms of the Cubenco Agreement, Cubenco paid a non refundable option fee of US$160,000 with two further payments of US$600,000 and US$2,240,000 payable by 8 December and the end of March 2010 respectively.  As Cubenco has failed to make the second option fee payment of US$600,000 within the timeframe specified in the Cubenco Agreement, the agreement has been terminated by Weatherly and the non-refundable option fee of US$160,000 has been retained.