Dana Petroleum, the independent oil and gas exploration and production company focused on growth through international exploration and the development of production in the North Sea and Egypt, reported proven and probable reserves increased to 165.8 mmboe at the end of 2007 (2006: 130.6 mmboe). Oil and gas reserve additions represent a reserves replacement ratio of 316% for the year.
Delivered record oil and gas production of 30,514 boepd in 2007, up 37% (2006: 22,285 boepd). Production capacity increased strongly during 2007, with a year-end exit rate of over 45,000 boepd.
The company is currently producing from 30 oil and gas fields, in the UK, Egypt, Norway and the Netherlands.
Dana predicts an exciting period ahead with rising production and extensive drilling programme.
Group production for 2008 is expected to average between 40,000 and 45,000 boepd representing more than a 30% growth over 2007. The company has already received approval for three new field developments.
Chief Executive, Tom Cross commented, "Dana delivered record production in 2007 and is on target for significant further growth in 2008 with the full year effect of new fields and the strategic acquisitions in Norway and Egypt. The Group is now producing from 30 oil and gas fields, progressing 3 new developments which are due onstream from 2009, and working on a further 21 appraisal and potential development projects."
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