Dana Petroleum is confident that Korea National Oil Corporation will raise its £1.87 billion hostile bid when the Aberdeen-based company unveils the full extent of its North Sea acquisition spree.
While KNOC is aware that Dana has bought £270 million worth of new fields from Suncor Energy of Canada, there are growing rumours that it may have recently been in talks to buy more.
Dana has refused to elaborate on speculation about the company
Dana chief executive Tom Cross refused to elaborate on the speculation but said: 'There is a lot going on in the company.'
With Dana's shares trading above KNOC's 1,800p-a-share offer, investors clearly believe that a higher bid is in the offing.
Dana shares closed on Friday at 1,810p - 4p up on the day that the company announced first-half profits of £82 million, 274 per cent higher than the corresponding period the year before.
The company said it would give its detailed response to the bid and full valuation of the company by September 8, the deadline under Takeover Panel rules.
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