Gaz de France Unable to Transfer Algerian Interests to Dana Petroleum

The agreements signed in November 2005 between Gaz de France and Dana Petroleum have been revised. These agreements included both the transfer of Gaz de France's interests in the Touat's permit in Algeria and exchanges of exploration and production assets, allowing Gaz de France to strengthen its presence in Mauritania.

Algerian company Sonatrach did not approve the transfer of 20% of Gaz de France's interests to Dana Petroleum in the Touat permit located in the Sbaa basin, in Algeria. As a result, this specific transaction will not take place.

However, Gaz de France and Dana Petroleum are eager to pursue their cooperation and have confirmed their willingness to proceed with the exchange of exploration and production assets in the United Kingdom, Egypt and Mauritania. In the meantime, discussions have started aimed at a possible transfer of other Gaz de France assets to Dana Petroleum.