Cross walks away from Dana to take on top job at Parkmead

DANA Petroleum chief executive Tom Cross yesterday quit the North Sea oil explorer as its new Korean owner prepares to delist it from the London Stock Exchange next week.

Cross insisted he was leaving the firm he co-founded on good terms despite forcing the Korea National Oil Corporation (KNOC) to go hostile with its 1.9 billion bid. It is believed he will walk away with a 40 million-plus windfall.

Cross said the Koreans had asked him to stay on but he was more interested in building up another oil and gas minnow. Dana's chairman Colin Goodall and three of its non-executive directors resigned last week. Parkmead Group, an energy advisory and investment company with office in Aberdeen, yesterday announced that Cross had accepted a job as executive chairman.

Cross has been growing his stake in AIM-listed Parkmead and now owns 28 per cent. He said he hoped to implement a similar fast-growth strategy to the one Dana pursued in its early years - applying for a string of oil and gas exploration licences and going on an aggressive buying spree. Faroe Petroleum has been mooted as a potential early target for Parkmead.

It is believed that a number of Dana shareholders are likely to follow Cross to Parkmead. Shares in the group yesterday jumped 85 per cent, or 1.38p, to 3p.

Cross said he had no regrets about the way he handled Dana's takeover by KNOC despite accusations of "greed". He insisted the board had to push for a higher price - forcing KNOC to go hostile - as other companies were also interested. "They're pleased with what they have bought and we are pleased with the (sale] price."