DANA PETROLEUM PLC OPERATIONAL UPDATE
Posted on February 28, 2008 – 2:36 pm | by oilandgaspress.com
Dana Petroleum, the independent oil and gas exploration and production company focused on growth through international exploration and the development of production in the North Sea and Egypt, is pleased to provide the following operational update and outlook.
The Group’s 2007 full year results are scheduled for release at the end of April 2008. The information contained herein has not been audited and so may be subject to further change and review.
Highlights:
Record average oil and gas production of approximately 30,500 boepd delivered in 2007
Production capacity increased strongly during 2007, with a year end exit rate in excess of 45,000 boepd
Currently producing from 30 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands
Successful acquisitions of Devon Energy’s Egyptian business and Ener Petroleum A/S in Norway
Proven and probable reserves increased to 165.8 mmboe at end of 2007, representing a reserves replacement of 316%
Significantly increased financial capability following successful issue of £141.5 million convertible bond and new $400 million debt facility
Outlook:
Exciting period ahead with rising production and extensive drilling programme
Group production for 2008 expected to average between 40,000 and 45,000 boepd representing more than a 30% growth year-on-year. 2008 production to date has averaged approximately 48,000 boepd.
A total of 17 exploration wells expected in 2008. Rigs for 14 of these already secured.
Pre-qualified as an operator in Norway and awarded 7 blocks offshore Norway in the 2007 APA licensing round
Preparing for forthcoming licence rounds in UK and Egypt
Planned 2008 capital investment of approximately £200 million across existing fields and licences
Chief Executive, Tom Cross commented:
“Dana delivered record production in 2007 and is on target for significant further growth in 2008 with the full year effect of new fields and the strategic acquisitions in Norway and Egypt. The Group is now producing from 30 oil and gas fields, progressing 3 new developments which are due onstream in 2009, and working on a further 15 potential development projects.
2008 will be the most active year for exploration in Dana’s history. A total of 17 wells are planned for this year, focused on the UK, Norway and Egypt.
The Company is in a very healthy financial position, with a broad portfolio of growth opportunities and the proven ability to deliver further commercial transactions.”
28 February 2008
For further information please contact:
Tom Cross, Chief Executive Dana Petroleum plc 01224 652400
David MacFarlane, Finance Director Dana Petroleum plc 01224 652400
Stuart Paton, Technical & Commercial Director Dana Petroleum plc 01224 652400
Nick Elwes / Paddy Blewer College Hill Associates 020 7457 2020
DETAILED STATEMENT on http://www.dana-petroleum.com/Press/pr_280208.htm
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