Updates

Dana Petroleum - Surge in production as Goosander field comes on stream

September 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 our re-recommendation of Dana two issues ago, it was pleasing to see it releasing a perky AGM statement, which noted that average production should be between 24,000-27,000 barrels oil equivalent per day (boepd) this year, nicely ahead of the 19,683 boepd achieved in 2005. The company also expects to exit 2006 at over 33,000 boepd and remains on track to hit 40,000 boepd by the end of 2007. Dana’s upbeat tone reflects its expectation that two new fields, Enoch (oil) and Cavendish (gas), will start producing before the year is out while a third, Goosander (oil), has just commenced production. Other highlights include a new gas discovery (the E18-DF) in the Netherlands, while a key appraisal well testing the Babbag ...

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