ABERDEEN, SCOTLAND: Dana Petroleum Plc has achieved record average oil and gas production of approximately 39,400 BOE/d delivered in 2008, a 29 percent increase over 2007.
Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company's proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent.
The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded.
Dana's working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately GBP235 million (US$347 million) across existing fields and licenses.
Dana Chief Executive Tom Cross said, "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 percent. The Group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. 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."
Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco.
Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha.
Dana achieved first oil production from the Grouse development in December 2008, and is currently producing from 31 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands. The company's proven and probable reserves increased to a new record high of 194 million BOE at end of 2008, representing a reserves replacement of approximately 300 percent.
The company also acquired new acreage in the UK 25th and the Norwegian 2008 APA rounds, with a total of 37 blocks awarded.
Dana's working interest production for 2009 expected to average between 37,000 and 41,000 BOE/d. The company currently is drilling or participating in eight exploration wells of a total of 17 wells scheduled for 2009 in the UK, Norway, Egypt and Morocco. Planned 2009 capital investment is approximately GBP235 million (US$347 million) across existing fields and licenses.
Dana Chief Executive Tom Cross said, "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 percent. The Group is now producing from 31 oil and gas fields, progressing two new field developments which are due on-stream in 2009 and 2010, and working on a number of highly attractive potential development projects.
"2009 will see the delivery of an extensive exploration program. 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."
Dana has already secured rigs for the majority of the 17 further wells planned for 2009. Key wells to highlight during 2009 include the ongoing drilling of two wells in the Rinnes area; the Tornado and Anne Marie prospects West of Shetland; the Eitri and Trolla wells in Norway; the SE July well in the Gulf of Suez, Egypt; two wells in the prolific offshore Nile delta, Egypt; and the Taffejart prospect, onshore Morocco.
Dana holds a 10 percent interest in the Fulla discovery announced last week by StatoilHydro. The well was drilled in the North Sea by Seadrill semisubmersible West Alpha.
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