23/04/2008
Dana Petroleum says it has made a new oil discovery in the North Sea, close to the producing Hudson field.
The find is part of the West Rinnes structure in Block 210/24a in the UK Northern North Sea, five kilometres from Dana-operated Hudson and 2.5 km from Dana’s own Melville oil field. Drilling to 6,470 feet encountered a Brent reservoir and a drill-stem test has flowed at rates of up to 7,800 barrels of ‘100 per cent clean oil of good quality’ a day.
Tom Cross, chief executive of fully-listed Dana, argues the West Rinnes discovery gives ‘strong encouragement for a number of other prospects in this immediate area’. Highlighted by Growth Company Investor at 14.8p in 2000 and at £12.78p in 2006, the shares have now reached £16.11p and value the company at nearly £1.4 billion.
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