Dana Petroleum Gears Up for 17-Well Drilling Program
Dana has provided an update on its exploration drilling program and forward plans for the coming months.
The Company spudded the Bamboo well (Dana 50%) in the West El Burullus concession, offshore Nile Delta, Egypt on February 19, 2010. This drilling follows on from the recent success at Papyrus, which was the second gas field discovered in this concession by Dana and its partner Gaz de France with their first two wells.
Dana has completed the drilling of the RAD-3x well offshore Gulf of Suez, Egypt. Unfortunately the well did not encounter the anticipated reservoir rock section and has been plugged and abandoned. This well was drilled very efficiently by Dana, for a total cost of just $5 million.
Dana plans to spud the Storkollen well in Norway (Dana 25%) in early March 2010 using the Bredford Dolphin rig. Storkollen is being drilled in the same block as the Storskrymten discovery made in 2007 and is in close proximity to the significant Greveling discovery made in 2009.
Dana expects the Anne Marie well in the Faroe Islands to commence in early April 2010. The Company holds a direct 25% interest in the Anne Marie well, through a farm-in option previously agreed with Eni. Faroe Petroleum, in which Dana has a 27.2% stake, also holds a 12.5% interest in Anne Marie. The Anne Marie well follows on from recent success in the UK West of Shetland area, including the two significant discoveries at Tornado and Glenlivet in the second half of 2009.
In the UK Southern North Sea, Dana has contracted the GSF Labrador for the drilling of the Platypus well (Dana 45%) with partners Endeavour, XTO (wholly owned by ExxonMobil) and Challenger Minerals. This well is expected to spud imminently. Dana will then take the Labrador rig to drill at Monkwell (Dana 40%) with partners Dyas, Gas Plus and Silverstone. Platypus and Monkwell are both located close to the Cleeton platform which would allow timely development of a discovery. Following the drilling of Monkwell, the Labrador rig will be transferred to Eon Ruhrgas who will operate the drilling of the Tolmount well (Dana 45%). Dana has recently agreed a farm-out of its initial 100% interest to Eon Ruhrgas for a carry of a proportion of Dana's well costs. Tolmount is located near to the ongoing Babbage gas field development in which Dana holds 40% equity, and its partners are Eon Ruhrgas and Centrica. Babbage is scheduled to come on stream this summer.
In addition, the Company will shortly spud the K3-4 well (Dana 2.95%) in the Dutch sector of the North Sea.
Dana also plans to drill 2 wells in the North Zeit Bay concession, onshore Gulf of Suez, Egypt and 2-3 wells in the East Beni Suef concession, onshore Western Desert Egypt, in the first half of this year.
Overall, Dana plans to drill 17 exploration wells in total during 2010.
Tom Cross, Dana’s Chief Executive said, "Dana is drilling a broad and balanced portfolio of 17 exploration wells in 2010. These targets have significant potential and could add oil and gas reserves equivalent to approximately 40% of Dana's current booked reserves, on a risked basis. Dana has already announced an important discovery this year at Papyrus, offshore Nile Delta, and is currently drilling the much larger Bamboo structure in the same concession."
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