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Dana Petroleum - Asset swaps set up surge in production

January 2005

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
Following hot on the heels of its recent North Sea asset swap, Dana has completed two more value enhancing deals. The first, in the same region, involves Dana swapping 30% of its 80% stake in the start-up Barbara gas field, plus a balancing cash payment of between £6m-£9m, inreturn for a 27.78% stake in the Johnston gas field. Dana is effectively swapping undeveloped assets  (Barbara won't start producing till 2007) in return for more immediate production. At a stroke, this will add net incremental production of 2,800 barrels a day(of oil equivalent), plus an additional 4.8m barrels (or 4%) to its probable reserves.   Most recently, Dana's non-core Russian subsidiary has sold its 10% stake in Russian company, O ...

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