Dana Strikes Oil at West Rinnes Prospect

Dana has discovered oil at the West Rinnes structure in Block 210/24a in the UK Northern North Sea. The structure is located just 5 kilometers from the Dana operated Hudson producing oil field and 2.5 kilometers from Dana's Melville oil field.

The Dana operated Rinnes well, 210/24a-11 has been drilled to a total measured depth of 6,470 feet (5,870 true vertical depth subsea) and encountered a full Brent reservoir sequence. A comprehensive set of wireline log data has been acquired including pressure data and oil samples. The well was drilled by the Sedco 704.

The well found excellent quality sands throughout the Brent sequence.

The Company has now successfully completed a drill-stem test of the Brent reservoir, which flowed at rates of up to 7,800 barrels of oil per day. The well flowed very strongly and this flowrate was limited by the test equipment on the rig. The fluid produced was 100% clean oil of good quality with a gravity of approximately 32 degrees API. Initial analysis indicates that the Rinnes oil is very similar in quality to that being produced by Dana at the nearby Hudson oil field.

Following this test the well will be sidetracked into the neighboring East Rinnes structure. This structure is prognosed to be of a similar size to the West Rinnes structure.

Commenting on the news, Tom Cross, Dana's Chief Executive said:

"This is an excellent result which has exceeded our pre-drill expectations. The discovery of good quality oil at West Rinnes gives strong encouragement for a number of other prospects in this immediate area, including East Rinnes which will be drilled imminently, and also West Hudson, North Melville and Southwest Rinnes which have yet to be drilled."

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