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Dana Petroleum - Poised for strong production growth

June 2009

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:
  • 1269p
The impressive aspect of the rally in shares in Dana Petroleum, which have climbed over £4 this year to a new high of 1410p, is that it started before the recent rally in the oil price. This is partly thanks to decent final results on 30 March, which showed revenues increasing 66% to a record £518m, while pretax profit rose 34% to £191m. Earnings increased 51% to 111p. Dana had group cash of £158.9m at the year-end, with bank debt fully repaid. It has also recently agreed a new three-year US$400m revolving credit facility.Part of the share price rise reflects a strong increase in Dana's proven and probable reserves, which rose from 166m barrels oil equivalent to 194m, representing a reserves replacement ratio of almost 300%. O ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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