Dana Triples Stake In Goosander Field

Dana Petroleum plc is pleased to announce completion of the acquisition of substantial further interests in UK Central North Sea Blocks 21/12 and 21/13a from Burlington Resources (U.K.) Inc., including Burlington's 25.9864% interest in the Shell operated Goosander oil field.

The deal more than triples Dana's stake in the Goosander field from 11.3872% to 37.3736%, and significantly increases Dana's position in the surrounding acreage of 21/12 and 21/13a to 30.4409% and 24.997%, respectively, for a cash consideration of US $4 million with further payments contingent upon development of Goosander of up to US$10 million.

Drilling and other activities leading to development of the Goosander field as a sub-sea tie-back to Shell's Kittiwake platform have already commenced, with a view to achieving first production by mid 2002 at rates of around 15,000 barrels of oil per day. Recoverable oil reserves are currently estimated at approximately 16 million barrels but may prove much larger as no oil/water contact has yet been encountered in the reservoir. Shell as operator now holds a 31.3132 % interest in Goosander Field, a 25.5047% interest in Block 21/12 and a 27.503% interests in Block 21/13a. Esso holds a 331.3132% interest in Goosander Field, a 25.5047% interest in Block 21/12 and a 27.503% interest in Block 21/13a. Dana now holds a 37.37365 interest in Goosander Field, a 30.4409% interest in Block 21/12 and a 24.997% interest in Block 21/13a. Conoco holds a 18.5497% interest in Block 21/12 and a 19.997% interest in Block 21/13a and has no position in Goosander Field.


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