THE chief executive and founder of Dana Petroleum, Tom Cross, has resigned after the hostile takeover by the South Korean firm KNOC.
Cross had opposed the takeover bid by South Korea’s state oil company but told City A.M. yesterday that the final deal was a “win win” for both parties.
He walked away with an estimated £36m from the sale of Dana, which he set up in 1994 to specialise in North Sea oil projects.
KNOC took control of the Aberdeen oil explorer for around £1.7bn last month and several other board members have already moved on.
Cross will take over as executive chairman of the Parkmead Group – a an investment company specialising in the oil industry – from 9 November.
He said: “I am leaving Dana in very good hands with KNOC. They are an excellent company and in the end paid the right price.
“I have told them that I will be on hand to help out or give any advice after I have left – we have a very good relationship.” He likened Parkmead to Dana in the early days and said he was expecting great things. “We have some great contacts at Parkmead and I am looking forward to doing some deals. There is a particular expertise in the North Sea and Asia.”
Cross, also chairman of BRINDEX, the Association of British Independent Oil Companies, takes over the reins at Parkmead after the retirement of non-executive director Clive Goodall.
He added: “I am already a non executive director at Parkmead and I am looking forward to getting stuck into the day-to-day operation.”
Parkmead, based in Aberdeen is an expert on exploration projects in the North Sea.