Companies: DNX   

The Energy Ministry has awarded Dana Petroleum 11 new licences, bringing stakes in 29 UK offshore blocks.

The fully listed company, whose chief executive Tom Cross describes the awards as ‘very significant’, says the first licence covers three blocks in the ‘important’ Rinnes area of the northern North Sea, where Dana will hold 100 per cent.

Three licences comprise 16 blocks in the ‘prospective’ West of Shetland region and the others include 50 per cent as operator in the Greater Kittiwake area of the central North Sea and 50 per cent of four blocks, operated by Germany’s Eon-Ruhrgas, next to the producing Johnston gas field, which Eon and Dana jointly own.

Shares in Dana plunged from £19.72 in May to 747p last month. They have now rallied to 830p, valuing the company at £722 million.      

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Dana Petroleum	LSE	£863.29m	993.50p	-46.50p
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