Dana Petroleum reports surge in annual net profit
Bow Valley acquisition scheduled to complete mid April 2009
UK-based oil and gas exploration and production company Dana Petroleum has reported a net profit of GBP96.23 million for the year 2008, compared to GBP63.03 million for the year 2007.
Dana Petroleum has reported revenue of GBP518 million for the year 2008, a 66% increase compared to GBP311.5 million for the year 2007.
The company has reported oil and gas production of approximately 39,400 barrels of oil equivalent per day (boepd) in 2008, a 29% increase compared to 30,514boepd in 2007.
By the end of 2008, Dana had completed drilling on 11 exploration wells and was drilling a further four wells. The company claims that it has gained success in the Rinnes area of the North Sea and in the Nile delta, offshore Egypt. Also new acreage won in the UK 25th and the Norwegian 2008 APA licensing rounds, with a total of 37 blocks awarded to Dana, said the company.
It said that oil field discovered at Rinnes in UK, gas condensate discovery at Fulla in Norway and a gas discovery at Anchois, offshore Morocco, prompted the company to a good financial position.
Tom Cross, CEO of Dana Petroleum, said: Dana delivered record production in 2008 and also had a good 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, has progressed two new field developments, due on-stream in 2009 and 2010.
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