Dana has completed its acquisition of a portfolio of North Sea interests from Conoco (U.K.) Limited. The portfolio includes a 25.8% interest in the Caledonia oil field which is currently under development. Caledonia is scheduled to achieve first production in October 2002 with initial flow rates expected to be up to 12,000 barrels of oil per day. In addition, Dana has gained 11% interests in the Enoch oil field and J1 gas-condensate field and a 25% interest in the Cavendish gas field, all of which are undergoing development studies. Proven and probable reserves associated with these fields are approximately 9.4 million barrels net to Dana. The transaction included Dana assigning its 3% interest in the Orca/Beta gas discoveries to Conoco.
Dana's Chief Executive, Tom Cross, commented: 'The Conoco acquisition is an example of how an exploration discovery can be used to leverage Dana into significant accelerated production and cashflow at an attractive price.