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Dana Petroleum - Faucon 1 well not commercial

February 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • DNX
  • Price:
  • 950p
Dana’s recent decision to farm out a portion of its interest in Mauritania in return for a “free carry” now looks extremely well timed given the disappointing news that its first well, Faucon-1, has ultimately proved non-commercial. The silver lining was that there was enough evidence of hydrocarbons to suggest that this area remains full of potential for significant discoveries. In spite of the Mauritania setback, there was good news elsewhere from its 50% interest in the Great Kittiwake Area in the North Sea with its partner, Venture Production, 579p, announcing that gross production increased from 8,000 barrels of oil equivalent per day (boepd) to up to 15,000 boepd. Meanwhile, Dana’s exploratio ...

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