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  1. Tokyo Jo

    360 Posts.
    Oil find doubles Dana reserves
    31 March 2004, Evening Standard

    DANA PETROLEUM struck another blow for the City's vibrant, independent oil sector today, by revealing a 100m-barrel find in Mauritania that will double the amount of oil and gas reserves on its books.

    Shares in the group rose 11 1/2p, or 5%, to 264p, as chief executive Tom Cross said Mauritania's budding offshore sector had the potential to rival the North Sea for exploration success.

    'The thing that people haven't got their heads round yet is the size of MAURITANIA,' he said. 'Our three blocks there cover the equivalent of 150 licences in the UK.

    Dana's well struck one trillion cubic feet of gas with recoverable reserves estimated at the equivalent of 100m barrels of oil - half the potential of Cairn Energy's Rajasthan find last month.

    Pre-tax profits across Dana's North Sea and international assets, soared 35% to £31.7m in the 12 months to 31 December. Production more than doubled to 17,270 barrels a day.

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