29 August 2014

Dana Petroleum hails Egyptian discovery

30/07/2010 Robert Tyerman

Oil and gas producer Dana Petroleum says it has discovered a new oil field at North Zeit Bay in the Gulf of Suez.

The fully-listed company indicates a drill stem test at its Fin-1X exploration well produced an average flow rate of 1,049 barrels of oil a day from this onshore prospect, which is only three kilometres from another recent discovery, Lorcan, which flowed 4,714 barrels a day in June. 

Dana, which currently produces from 36 oil and gas fields in Egypt, the UK, Norway and Holland, maintains the Fin-1X discovery, together with the Lorcan find, confirms 'this area will be very attractive to develop'. The company has submitted a preliminary development plan to the Egyptian General Petroleum Corporation.

Highlighted by Growth Company Investor at £10.65p early last year, Dana shares now change hands at £17.10p. Partial profit taking might be prudent, but it could be worth holding on to a chunk for potential future gains.

Tags: Full list

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2014

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1,044 AIM-quoted companies. The full report is available to order for £365 + VAT. Click here for more info

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Amur is highly active in Russia

Amur updates reserves 29/08/2014

Russian copper play Amur Minerals (AIM:AMC) has upgraded the mining reserves of its Kun-Manie site by 25 per cent. 

Tags: Mining

 Beowulf still roaring 29/08/2014

Swedish iron ore play Beowulf Mining (AIM:BEM) has reported its interim results.

Tags: Mining

Mosman makes Trident bid 22/08/2014

Australasia-focused Mosman Oil and Gas (AIM: MSMN) has announced the terms of its bid for Australian oil play Trident Energy.

Magnolia issues production update 22/08/2014

US-focused oil play Magnolia Petroleum (AIM:MAGP) unveiled a reserves and production update.

Tags: Oil and gas

RapidCloud buys Exxelnet 15/08/2014

Malaysian cloud computing specialist RapidCloud (AIM:RCI) has completed the acquisition of Singaporean SEO outfit Exxelnet.

Tags: Acquisitions, Technology

Zanaga gets mining approval 15/08/2014

Mining group Zanaga Iron Ore (AIM:ZIOC) has won approval for a licence within the Republic of the Congo.

Tags: Mining

More News