Updates

Dana Petroleum - Asset swap boosts revenues by Â£25m

November 2004

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.

The shares surged to an all-time high of 465p at one point, making for a gain of 80% since our main recommendation in June. This followed news of some canny asset swaps. For the six months ended 30 June, pretax profit rose 37% to Â£18.9m on turnover up 32% to Â£49m with Dana benefiting from light oil price hedging. A higher tax charge meant thatearnings fell from 14.6p to 12.3p. Operating cashflow rose 39% to Â£25.3m, which helped transform the balance sheet from net debt of Â£41.3m to net cash of Â£1.3m. These excellent results came courtesy of Dana achieving record average production of 17,895 barrels per day (bopd), a rise of 11%. The vast majority came from Dana's eight producing fields in the North Sea w ...

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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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