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LONDON – U.K. independent oil explorer Dana Petroleum PLC said its first-half pre-tax profit exceeded its year ago profit and moved to bolster its takeover defenses after a bid by state-owned Korean National Oil Corp.

The company reiterated that its board hadn't recommended KNOC's 1,800 pence ($27.96) a share offer, which values Dana at £1.87 billion. ($2.9 billion). The disclosure did not provide more information about a potential acquisition of U.K. North Sea oil fields from Canada's Suncor.

Dana said it would provide a detailed response to the bid, including information on the value of its assets by Sept. 8. It urged shareholders to take no action prior to that date.

"When someone goes hostile on a company it's clearly because they believe in the upside and we need to bring out that upside," said Chief Executive Tom Cross. Its response will update potential acquisitions and its drilling and exploration program, he said.

On Thursday, KNOC said Dana's results didn't contain any new information, calling its price final absent a competitive offer.

Dana posted a profit of £31.36 million in the six months to June 30, compared with a loss of £3.59 million a year ago, due to higher oil prices. Pretax profit was £82 million versus £21.89 million. Revenue rose 12%. to £185.7 million from £165.1 million.

Production averaged 37,215 barrels of oil equivalent a day during the period and the company said it had made six oil and gas discoveries in Egypt and the U.K. so far in 2010.

Shares of Dana rose 0.3% to 1,811 pence on a slightly lower London market.