STOCKS FOCUS: DANA PETROLEUM

0 Comments | Sunday Herald, The, Jun 8, 2008 | by x

ABERDEEN-based Dana announced its fourth discovery since Christmas with the news that it had struck gas in its first well in the West El Burullus area in Egypt's Nile delta. Chief executive Tom Cross said the find, which is 50per cent owned by Gaz de France, raised great prospects for the rest of the area, which is also being explored by BP and BG.

He added that the well would be capped for drilling at a later date. Dana already drills 11,000 barrels of oil a day in Egypt and recently bought a 40per cent stake in an exploration block in the Gulf of Suez. Shares closed at 1829p.