Dana Petroleum
SPECULATIVE BUYNorth Sea and Egypt-focused Dana Petroleum says oil and gas output rose 29% last year to 39,400 barrels a day.
The fully listed company, which is now producing from 31 oil and gas fields in the UK, Egypt, Norway and Holland, says it has now increased its proven and probable reserves to a record 194m barrels of oil equivalent, representing a 300% rate of reserves replacement. Dana, which says it expects average production for 2009 of between 37,000 and 41,000 barrels of oil equivalent a day, plans to drill 17 wells this year in the UK, Norway, Egypt and Morocco, and to spend £235m on capital investment.
With year-end cash of £159m and its bank debt fully repaid, Dana is ‘well placed to deliver further commercial transactions’, declares chief executive Tom Cross. The shares, which fell from £19.72p last May to 641.5p in November, have now bounced up to £10.65p.
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Market cap: £925.4m
PE Forecast: n/a
Share price: £10.65
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