Dana Makes Significant Gas Discovery at First Well Offshore Morocco

Dana has made a significant gas discovery at Anchois, in the Tanger-Larache license, with its first well offshore Morocco.

The Anchois-1 discovery well is located about 40km from the coast and was drilled to a total depth of 2,435m. Two intervals of high quality, gas-bearing sands, were encountered in the well. The combined gas column encountered was about 90m with about 40m of net pay.

Preliminary estimates of reserves are around 100 billion cubic feet ("bcf"). Dana, together with its co-venturers, Repsol (operator), Gas Natural and ONHYM have decided to suspend the well as a potential future producer. The joint venture group is now analyzing all the data acquired before deciding on further exploration drilling in the Tanger Larache license (Dana 15%). This gas discovery is very important as it is the first well in this large under-explored area and the other prospects in the license have been significantly improved by the results of the Anchois well.

Also in Morocco, Dana has mobilized the GYP No.8 drilling rig to the Tafejjartt-1 well site and spudded the well on March 24, 2009. The well is expected to take about 3 months to reach TD.

Commenting on the news, Tom Cross, Dana’s Chief Executive said, "Following Dana's recent discoveries at Fulla and South-East Rinnes, the new Anchois discovery is a very important result from our first well offshore Morocco. This builds upon Dana's 2009 exploration success and it is hoped that the coming months will yield further oil and gas discoveries, given the significant number and range of exploration wells being drilled across Dana's portfolio."

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