Dana Logs More Pay in Barbara Area of Central North Sea

Dana Petroleum reports that the current exploration well being drilled by Dana in Block 23/16b has found hydrocarbons in the neighboring block to the Barbara field, which was originally discovered by well 23/16c-8 in 2002.

This latest well, denoted 23/16b-10, has stepped out approximately 1.5 kilometers to the east of the original Barbara discovery well and has been drilled to a total depth of around 9,400 feet sub-sea. A full suite of downhole logs has just been gathered and evaluation is ongoing. Preliminary analysis indicates that the well has encountered a considerably thicker Forties sandstone reservoir than seen in the original discovery well.

Dana is drilling the 23/16b-10 well under the terms of a farm-in agreement with Shell U.K. Limited and Esso Exploration & Production UK Limited, whereby, in return for satisfying its drilling obligations, Dana will be assigned a 50% interest in and operatorship of the Barbara sub-area of Block 23/16b.

Immediately following completion of operations at the current well, Dana will move the Bredford Dolphin semisub to a location in nearby Block 23/11 to drill the Dana operated Fiacre exploration well, which is targeting a Jurassic oil prospect.

Dana and its coventurers discovered the Barbara field in 2002 with the 23/16c-8 exploration well, which encountered a total of over 270 feet of good quality Forties sandstone reservoir, full to the base of the sand with rich gas-condensate.

Following final results from well 23/16b-10, the Barbara area will be re-mapped. Dana's current estimate of most-likely recoverable reserves from the Barbara field are around 120 bcf of gas and four million barrels of associated hydrocarbon liquids. Barbara is located within tie-back distance of both the Everest and ETAP production and export infrastructure systems thus providing future development options for the field.

On completion of the farm-in obligations by Dana, the 23/16b (Barbara sub-area) coventurers will be Dana 50% and Operator, Shell 16.67% and Esso 33.33%. The current 23/16c coventurers are Dana 50% and Operator, Caledonia Oil & Gas 30% and Eni 20%.

The Fiacre prospect is a Jurassic age sandstone structure, located entirely within Block 23/11, with the potential to contain 105 million barrels of oil in place. On completion of the Fiacre well farm-in obligations, by Endeavour, the 23/11 (Fiacre sub-area) coventurers will be Dana 60% and Operator, Endeavour 20% and Eni 20%. The coventurers in the remaining area of Block 23/11, which contains an extension of the Barbara field, will remain Dana 80% and Operator and Eni 20%.

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