The first three licenses comprise 18 blocks which lie in the prospective West of Shetland region. These awards give Dana a large, directly held position in this proven petroleum province, which complements its recently increased stake in Faroe Petroleum plc where Dana is now the largest shareholder with 17.24%. Two of these new licenses comprise 17 blocks in Quads 208 and 209 of the Faroe-Shetland Basin. Dana has gained a material 30% stake with co-venturers DONG (UK) Limited (40%) and GDF Britain (30%). The committed work program for these two large tranches of acreage consists of acquisition of 2D seismic data. The third West of Shetland license comprises the majority of Block 204/14b which is situated in the prolific Foinaven Sub-Basin to the north of the producing Foinaven and Schiehallion fields. Dana has again won a 30% equity working with OMV (U.K.) Limited (70%) the operator of adjacent Block 204/13. The committed work program for this license consists of acquiring 2D seismic and reprocessing 3D seismic.
The fourth new license covers two Southern North Sea Blocks 42/28d and 42/29b. These lie immediately to the west of the producing Johnston gas field (Dana 27.78%) and are contiguous with the exploration sub-areas of Blocks 42/29a, 42/30a and 47/5c where Dana recently agreed terms with BP Exploration Operating Company to acquire its interests in the undeveloped Monkwell gas field and the Colden Parva gas prospect. The work program for this license consists of acquiring and reprocessing 3D seismic data, following which Dana may choose to either drill a well or relinquish the license.
Commenting on the news, Tom Cross, Dana's Chief Executive, said:
"These significant awards will position Dana to build upon its successful track-record of UK exploration activity which has already delivered further oil and gas discoveries this year in the Melville and Barbara areas."
The co-venturers in each new license awarded are as follows:
License 208/13, 14, 15, 17, 18, 19, 20, 21 and 22
License 209/5, 8, 10, 11, 12, 13, 14, and 15
License 204/14b (Split)
License 42/28d and 42/29b
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