Dana Will Begin Second Exploration Well Offshore Ghana

Dana has signed a contract with Diamond Offshore for the Ocean Whittington to undertake the second exploration well in the Western Tano Contract Area offshore Ghana. The WT-2X well will be drilled in the vicinity of Dana's earlier WT-1X oil discovery, with an estimated start date in August 2002. The targeted horizons have been evaluated from 3D seismic to have the potential to contain up to 100 million barrels of oil. Dana holds a 90% interest.

In other exploration news, Dana has now finalized its arrangements to drill a second exploration well in Permit WA 226-P. Following conclusion of a series of successful farmout steps over recent months, Dana will hold a final equity interest of 30% and enjoy a free carry of its costs through the Morangie-1 well, scheduled for October 2002. A letter of intent has been issued to contract the Sedco 702 semi-submersible drilling rig by well operator Apache Energy Limited. The well is targeting a prospect with the potential to contain up to 250 million barrels of oil located in a basin where prospectivity has recently been upgraded following the 'Cliff Head' oil discovery. Several more large prospects are also present in WA 226-P should the Morangie well prove successful.