Dana Completes Faucon-1 Well Offshore Mauritania

Drilling of the Faucon-1 exploration well in Block 1 offshore Mauritania has now been completed with the well reaching a total depth of 13,682 feet (4,170 m). Final logging operations have been conducted, including the gathering of sidewall core samples and the shooting of a vertical seismic profile (VSP).

A further 172 feet (52.5 m) of sandstone formation has been intersected since the intermediate logging program previously reported over the hydrocarbon bearing intervals. Whilst there were no significant shows seen in these lower sands, overall the results are very encouraging with a total of 316 feet (96.5 m) of potential reservoir having been found in this well of which the upper 46 feet (14 m) of net sand is hydrocarbon bearing. The hydrocarbon fluid composition cannot be finally determined until the downhole pressurised fluid samples recovered from the well have been analyzed in an onshore laboratory, this is expected to occur during January 2006. Subject to completion of the recently announced exchange agreement with Gaz de France, the coventurers in Block 1 are Dana 36% and operator, Gaz de France 24%, Tullow Oil 20%, Hardman Resources 18% and Roc Oil 2%. All of Dana's costs in the Faucon-1 well will be free-carried by Gaz de France.

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