Dana Makes Discovery in the North Sea

Dana reports that the 23/16c-8 exploration well, recently drilled to test the 'Barbara' prospect in the UK North Sea, has discovered a full hydrocarbon column in the Forties formation. The well, in which Dana will have a 27% interest following the completion of the Agip acquisition, was successfully drilled by the Glomar Arctic IV drilling rig. The well encountered a 276 feet thick sandstone reservoir of excellent quality. Subsequent down-hole fluid sampling has determined the hydrocarbon to be a liquids rich gas condensate similar in composition to the nearby Everest and Lomond fields which are already in production.

The results of the Barbara well will now be further evaluated with a view to determining a future appraisal strategy. These studies will include examining the exploration potential of neighboring Block 23/11, which the UK Energy Minister announced last week has been awarded to the Barbara co-venturers (Dana 27% interest).