Dana Petroleum Plc Preliminary Results for the Year Ended 31 December 2008

Source: www.gulfoilandgas.com 3/30/2009, Location: Europe

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 report its Record Production and Financial Performance:

- Delivered record oil and gas production of approximately 39,400 boepd in 2008, up 29% (2007: 30,514 boepd)

-Achieved first oil production from the Grouse field development

-Revenue increased by 66%, to a new record high of £518.0 million (2007: £311.5 million)

-Pre-tax profit rose 34% to £191.4 million (2007: £143.1 million)

-Earnings per share increased 51% to 111.13p (2007: 73.55p)

-Cash generated from operations up 75% to £345.0 million (2007: £197.2 million)

-Group cash of £158.9 million at 2008 year-end and bank debt fully repaid

Strong Growth in Oil and Gas Reserves:
Proven and probable reserves increased to 194.1 mmboe at end of 2008 (2007: 165.8 mmboe)

Oil and gas reserve additions represent a reserves replacement ratio of nearly 300% for the year

Extensive and Successful Exploration Programme:
By the end of 2008, Dana had completed drilling on 11 exploration wells and was actively drilling a further four wells

Major successes in the Rinnes area of the North Sea and in the Nile delta, offshore Egypt

Significant new acreage won in the UK 25th and the Norwegian 2008 APA licensing rounds, with a total of 37 blocks awarded to Dana

Encouraging start to the 2009 exploration programme with third oil field discovered at Rinnes in UK, a gas condensate discovery at Fulla in Norway and a gas discovery at Anchois, offshore Morocco

Major Business Development and Corporate Initiatives:
Agreement to acquire Bow Valley Energy Limited, a Toronto listed upstream company, focused on oil production and development in the UK

Acquisition adds four further UK producing interests and one development scheduled to commence production in June 2009. This is expected to add approximately 7,000-8,000 boepd, net to Dana

New three year US$400 million revolving credit facility agreed with the Bank of Scotland

Outlook:
Bow Valley acquisition scheduled to complete mid April 2009

Post acquisition, the Group’s working interest production for 2009 is expected to average in range 43,000 to 47,000 boepd

A total of 17 exploration wells planned and on track for completion in 2009, spanning UK, Norway, Egypt and Morocco with seven of these wells already drilled during first quarter

Planned 2009 capital investment of approximately £235 million across existing fields and licences

Chief Executive, Tom Cross commented:
“Dana delivered record production in 2008 and also had an excellent 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 2 new field developments, due on-stream in 2009 and 2010, and is working on a number of highly attractive potential development projects. 2009 will see the delivery of an extensive exploration programme. A total of 17 wells are planned for this year, focused on the UK, Norway, Morocco and Egypt. The Company has a strong balance sheet, alongside a valuable portfolio of growth opportunities and is well positioned to deliver further commercial transactions.”


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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