Dana Makes Second Discovery Offshore Ghana

In Ghana, the WT-2X well has been completed in the shallow-water region of the Western Tano Contract Area as a follow up to the WT-1X well drilled in 2000. The well was drilled to a total depth of 10,910 feet below sea level by the Ocean Whittington semisub. At 6,135 feet, the well encountered a 75 feet interval of oil bearing Upper Campanian reservoir, similar to that production tested in the WT-1X well, thus demonstrating the lateral extent of the previous find. Detailed analysis of well results, including reservoir fluid samples recovered from the well, is now underway to assess the commerciality of the Upper Campanian oil accumulation.

Indications of hydrocarbon were also present in the Albian horizon encountered below 9,300 feet. This reservoir was found to be of poorer quality than the equivalent section in the WT-1X well and is therefore thought unlikely to add significantly to the development potential of the shallow water region at this time.

Concurrently with the shallow-water drilling operations, extensive geoscience work has continued to refine drilling locations in the deep-water area of the license, where the geology is quite different. Utilizing leading edge seismic analysis technology in the USA, several high-potential structures have now been defined. These deep-water prospects are an order of magnitude larger than previous finds in the shallow water, with each structure having the potential to contain several hundred million barrels of oil. Preliminary operational planning is in progress with a view to commencing deep-water drilling in late 2003.