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Dana Petroleum - Newsflow drives shares to new high

September 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.

  • Epic Code:
  • DNX
Fed by a plethora of positive newsflow the shares have sped to a newhigh of 343p, 84p ahead of our recommendation price.  First-up wasthe news that Dana has signed a farm-in agreement with Wintershall, an experienced oil explorer offshore West Africa,   concerning Dana'sBlock 8 interest in Mauritania. Wintershall will pay all of Dana's exploration costs there, including acquisition, processing and interpretation of a major 3D survey, in return for a 38.5% stake, with Dana retaining 41.5%. Since then Dana has increased its stakein its "Barbara" field in the North Sea from 27% to 80% for $7.5m.  Initial estimates suggest Barbara has 120 billion cubic feet (bcf) gas and 4m barrels of oil, but given that previous ...

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