Dana Sees Extensive Exploration Plan, to Drill 17 Wells in UK & Egypt
Dana Petroleum has provided the following operational update and outlook.
The Group's 2008 full year results are scheduled for release at the end of March 2009. The information contained herein has not been audited and so may be subject to further change and review.
- Record average oil and gas production of approximately 39,400 boepd delivered in 2008, a 29% growth over the previous year
- Achieved first oil production from the Grouse development in December 2008
- Currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands
- Highly successful exploration program with record oil and gas reserves added, notably in the UK and Egypt
- Proven and probable reserves increased to a new record high of 194 mmboe at end of 2008, representing a reserves replacement of approximately 300%
- Significant new acreage won in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 Blocks awarded
- Group cash of £159 million at 2008 year-end and bank debt fully repaid
- Group working interest production for 2009 expected to average between 37,000 and 41,000 boepd
- 8 exploration wells currently drilling, with a total of 17 wells scheduled for 2009, spanning UK, Norway, Egypt and Morocco
- Planned 2009 capital investment of approximately £235 million across existing fields and licenses
Chief Executive, Tom Cross commented, "Dana delivered record production in 2008 and also had an excellent year with the drillbit, adding record oil and gas reserves and replacing production by some 300%. The Group is now producing from 31 oil and gas fields, progressing 2 new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt.
"The Company has a strong Balance Sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions."
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