(EnergyAsia, October 29 2010, Friday) — South Korea’s state-owned Korea National Oil Corp (KNOC) is edging closer towards acquiring and delisting British oil explorer Dana Petroleum.

It recently gained the support of Dana’s shareholders to acquire an additional 34% stake after having completed the buy-out of 29.5% in September.

It is offering to pay 18 British pounds per share for the stake in Dana, which owns interests in 36 oil and gas fields in the UK and Africa.

KNOC plans to acquire at least 75% of Dana’s shares to delist the company as it competes against China and India for oil and gas reserves abroad.