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Dana Petroleum - Production soars towards 31,000 boepd

November 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.

Following on from its upbeat AGM, Dana has announced encouraging interim results for the six months to 30 June. Turnover increased by 22% to nearly £88m, while pretax profit rose 33% to £49m aided by its zero hedging policy. Earnings were 31.2p. Record cash flow of £70m helped net cash rise to £94m. With the help of several first time contributions from new North Sea fields, production is running at almost 31,000 barrels oil equivalent per day (boepd), compared to average H1 production last year of just 18,408 boepd. It’s also a busy period of exploration with three high impact exploration prospects, Aigrette (Mauritania), Pomboo and Sokwe South (Kenya), to be drilled over the next six months followi ...

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