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Dana Petroleum - Faucon-1 well strikes oil

January 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:
  • 970p
Dana’s shares rocketed almost 100p after the company announced that its Faucon-1 exploration well in Mauritania in Block One (36% interest) has encountered hydrocarbon bearing sandstones. Drilling was temporarily suspended at 3,536 metres to allow a full range of tests to be carried out. Dana intends to drill down a further 700m to fully explore this section and will report back on its estimate for the size of the discovery in due course. This is clearly very good news, given that Dana had previously estimated Faucon-1’s net potential recoverable reserves (after adjusting for the farm-in by Gaz De France) to be 120m barrels of oil. However, Chancellor Gordon Brown’s tax shocker (see Venture) may weigh on the s ...

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