--Record average oil and gas production of approximately 22,300 boepd delivered in 2006 --Production capacity increased strongly during 2006 to a new high of 30,000 boepd at year-end --Currently producing from 13 North Sea oil and gas fields --Agreed multi-asset deals with Gaz de France across the UK, Egypt, Mauritania and Norway --Net funds of approximately £110 million at end 2006 --Maximizing oil revenues by remaining completely un-hedged --Proven and probable reserves increased to 130 million barrels of oil equivalent at end 2006, representing a reserves replacement ratio of around 330% --Secured several new oil and gas license interests in Egypt and Morocco with major partners
--Exciting period ahead with rising production and extensive drilling program --Group production for 2007 expected to average between 31,000 and 34,000 boepd --On target to achieve production capacity of 40,000 boepd by the end of 2007 --New developments will lead to a producing portfolio of 15 fields in the North Sea by mid 2007, 16 fields on-stream in total --31 exploration and appraisal wells planned during next two years, targeting potential reserves of over one billion barrels of oil equivalent net to Dana --Awarded 16 new blocks by UK Government in 24th Offshore Licensing Round --Achieved strategic entry into Norway, with drilling already underway on first well
--Plan to invest around £140 million across existing fields and licenses in 2007
Chief Executive, Tom Cross commented:
"Dana delivered record production in 2006 and is on target for further growth in 2007 with new fields coming on-stream and a very active drilling and development program across existing properties.
"By mid 2007, the Company expects to be producing from 15 North Sea fields, providing a strong and balanced base of quality assets. Dana remains debt free and continues to be completely un-hedged with respect to oil price, thus maximizing the benefits from continuing commodity price strength.
"With a healthy financial position and a range of attractive opportunities, the Company will continue its intensive drilling program throughout the next two years, with up to 31 wells currently being planned."
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