The Aberdeen based energy firm Dana Petroleum which is in the target of a hostile takeover bid has reported rise in its profits in the first six months of this year.

Dana Petroleum has reported a profit of 82 million pounds in the first six months of this year up by 274% compared to the same time period of last year. A bid for a hostile takeover of the Scottish firm Dana was launched in the last month by the state owned oil firm of South Korea, KNOC.

KNOC offered 18 pounds per share in its initial bid for Dana which was 59% higher than the share price of Dana at that time but Dana rejected the bid and said it would not make any decision over the bidding until 8th of September.

Meanwhile, it has urged its investors not to take any action. The oil firm mainly operates in the North Sea which fulfills 81% of the oil productions and it has also production units in West Africa and Egypt. In the first half of the year the company drilled 12 oil wells and six of them were successful discoveries of oil exploration.