UAE’s Dana Gas Sells Part Of MOL Stake

Hungarian oil and gas group MOL’s shares were down 4.1 per cent on Friday, a five-week low.

Dana Gas, an Abu Dhabi-listed energy firm, has sold more than half its stake in Hungarian oil and gas group MOL, two sources familiar with the matter said on Friday, sending its shares lower.

MOL shares were down 4.1 per cent at 17,770 forints, a five-week low, at 1006 GMT on Friday.

A Dana Gas spokeswoman confirmed the transaction but declined to give details.

Dana Gas sold 1.675 million shares in MOL, the two sources told Reuters, declining to be identified. They also declined to comment on the price.

According to MOL’s data, at the end of the third quarter Dana held a three per cent stake. Reuters and Budapest Stock Exchange data shows this was around three million shares.

“These shares were always (intended) for sale as they were given to Dana in exchange for shares in Pearl Petroleum,” one of the sources said.

Pearl Petroleum was the Kurdistan operating unit of UAE’s Crescent Petroleum and its affiliate Dana Gas. In May 2009, MOL gave three per cent of its shares each to Crescent and Dana for a 10 per cent stake in Pearl. Austria’s OMV also bought a 10 per cent stake in Pearl at the time.

“Dana had to wait until the lock-up expired to sell,” the source added.

MOL was not immediately available for comment.