DANA PETROLEUM (DNX).

Investors Chronicle - magazine and web content, May, 2007

There were no surprises for the market in Dana Petroleum's full-year results. While new records were set in oil and gas production - up 13 per cent to 22,285 barrels of oil equivalent per day (boepd) - and cash flow from operations increased 31 per cent to GBP139.9m, reported pre-tax profit actually declined. However, Dana stresses that this masks a 27 per cent rise in underlying pre-tax profits, as the 2005 reported figure was flattered by some GBP23.7m of net exceptional gains.

The real focus was on the recently announced $308m (GBP154m) acquisition of Devon Energy's Egyptian portfolio - Dana's largest acquisition to date - which will boost production to around 42,500 boepd by the end of 2007. And with the effective date of the deal set at 1 January this...

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