2007 Revenue Increases to Record High for Dana Petroleum
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 that revenue increased by 45%, to a new record high of UK311.5 million (2006: UK215.3 million).
Pre-tax profit rose 48% to UK143.3 million (2006: UK97.1 million). Earnings per share increased 50% to 72.17p (2006: 48.24p). Cash generated from operations are up 44% to UK201.8 million (2006: UK139.9 million).
Major business developments and corporate initiatives made by the company include two successful corporate acquisitions: Devon Energy's Egyptian E&P business and independent oil company Ener Petroleum in Norway.
Dana significantly increased financial capability following the successful issue of UK141.5 million convertible bond and new $400 million debt facility. The company reported a net debt of UK71.3 million at end of 2007, equivalent to just 17% gearing.
Dana's current unhedged position yields full benefit from strong oil and gas prices.
"The Company is in a very healthy financial position, with a broad portfolio of growth opportunities and the proven ability to deliver further commercial transactions," said Dana Chief Executive Tom Cross.
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