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Dana Petroleum - Production spikes up to 28,000 boepd

March 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:
  • 914p
Dana’s pre-close operational update contained the very good news that production growth has spiked up to 28,000 barrels of oil equivalent per day (boepd), well up on last year’s average of 19,650 boepd. This came thanks to contributions from three new fields in the North Sea including Mallard (oil) which we flagged up in November and the Johnston (gas) and Otter (oil) fields. Dana’s first stab for this year is average production of 25,000-30,000 boepd. With Brent oil firmly established in the US$65- $67 per barrel range, Dana is fast becoming a prolific cash generating machine and net cash, including the proceeds of last November’s placing, stands at £90m. Dana’s engine room for growth remain ...

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