STOCKS FOCUS: DANA PETROLEUM

0 Comments | Sunday Herald, The, Apr 27, 2008

DANA Petroleum saw its shares surge to a record high after confi rming a major fi nd in the North Sea. The Aberdeen-based oil and gas independent said a well drilled on the West Rinnes structure in the northern North Sea had found good quality oil at strong rates, leading analysts to describe the fi nd as the most valuable in the fi rm's history.

Chief executive Tom Cross admitted the fi nd had exceeded expectations and because it was close to the producing Hudson fi eld the company operates, Dana would be in a position to move quickly at a relatively low cost. Shares closed at GBP16.04.