After declining the Korea National Oil Corp.’s 1,800 pence bid for acquiring Dana Petroleum this week, the latter has decided to make another attempt to induce the former to raise its £1.87bn takeover offer.

On Friday, Dana will post its interim results and the Company is depending on its financial performance to use it as a tool to make South Korea’s KNOC increase the amount of the acquisition.

KNOC has declined the shareholders of Dana to raise its bid to £18 a share and has expressed that it will continue to make a hostile takeover by claiming 49% stake of the Company.

With Dana’s most of the investors and three largest long-term shareholders supporting the offer, the Company will fight alone to pursue KNOC to increase the offer.

Another offer lying with Dana is the purchase of UK North Sea oilfields from Canada’s Suncor for around £220m-£240m, which, according to the Company, will be beneficial to them and KNOC didn’t include this value in its offer.

Responding to Dana’s anticipation, KNOC stated that it would accumulate any new information hovering in the market and would strike a deal that would price the assets of the Company justly.

“Dana could offer some positive developments from its Anne Marie well off the Faroe Islands but he says it could take a while before extensive results from that drilling programme can be revealed”, said Peter Hitchens, Analyst at Panmure Gordon.