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Dana Petroleum - Wide range of eps forecasts

October 2008

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:
  • 1361p
Strong energy prices helped Dana Petroleum unveil strong results for the six months to 30 June, with pretax profit increasing 133% to a record £133m on turnover that rose 188% to £314m. Eps increased from 32p to almost 70p. Meanwhile, strong cash flow generation meant net debt fell from £71m to £9m, representing gearing of just 2%. Part of the growth in profits came through higher average prices with oil increasing from US$62 to US$107 per barrel in H1 while gas prices rose from 32p to 43p a therm, with Dana again benefiting from its policy of not selling forward. Dana has also increased average production an impressive 67% to 43,147 barrels oil equivalent per day (boepd). Its guidance for full year production is between 40-45 ...

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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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