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Dana Petroleum - Asset swaps set up surge in production

January 2005

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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 Â£6m-Â£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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