Press Release

26 April 2001

DANA PETROLEUM PLC

("Dana" or "the company")

Preliminary Results for the Year Ended 31 December 2000

CONTINUED EXPLORATION SUCCESS, RECORD PRODUCTION & RESERVES

HIGHLIGHTS

Record Turnover and Gross Profit

Fifth Consecutive Year of Growth in Production and Reserves

Exploration and Appraisal Success

Enhanced Strategic Positions

Charles M Smith CBE, Chairman of Dana, commented:

"2000 has been another successful year for Dana. Record production and revenues financed an aggresive exploration programme, yielding three new discoveries. Dana has now achieved an impressive seven oil and gas finds with its last eight wells. Appraisal seismic and drilling led to a significant reserves upgrade and we look forward to additional production as these new fields are developed."

26 April 2001

Enquiries:

  

Dana Petroleum plc
Tom Cross, Chief Executive
Graham Stewart, Finance Director

 Tel: 020 7457 2020 (today)
Tel: 01224 652400 (thereafter)
College Hill Associates
Peter Brookes
Archie Berens		 Tel: 020 7457 2020

 

DANA PETROLEUM PLC

Preliminary Results for the Year Ended 31 December 2000

CHAIRMAN'S AND CHIEF EXECUTIVE'S REVIEW

Dana maintained its momentum in 2000, completing another successful year of exploration, appraisal and development activity. Oil and gas reserves, production and revenues all increased to new record highs.

Management focused its attention on adding value to core assets, primarily through an intensive seismic and drilling programme. The team's efforts were rewarded with three new oil discoveries, notably our maiden oil strike in Ghana and two further oil finds offshore Indonesia. An ambitious appraisal programme was undertaken to crystallise value from earlier exploration success in the North Sea and Indonesia. Appraisal drilling at Pangkah proved this field to be much larger than earlier anticipated. Extensive 3D seismic programmes were completed over the Netherlands A15 gas and Ghana oil discoveries, thus preparing the way for appraisal drilling later in 2001.

Development drilling and facilities upgrades at our producing fields continued at a steady pace in the UK and Russia, resulting in increased production and lower costs. This, coupled with higher product prices, helped finance an active exploration and appraisal programme. Over the next two to three years, Dana's production is expected to grow significantly as a result of new developments at Goosander, Orca/Beta and Pangkah. In addition to these projects, the Company has a portfolio of oil and gas discoveries still to be appraised in Europe, Africa and the Far East, including A15, Western Tano, Sidayu and Ande Ande Lumut.


RESULTS

Turnover for the period increased 44% to reach a new record level of £29.9 million (1999: £20.7 million), reflecting the benefits of both development activity and higher oil prices.

Gross profit excluding exceptional items demonstrated a significantly improved operating performance, more than trebling to £13.6 million (1999: £4.2 million). After exceptionals, the Company recorded a pre-tax profit of £7.4 million, up 15% on 1999. In view of Dana's substantial exploration and appraisal programme, together with pending field developments in the North Sea and Indonesia, the Board believes it is more important for the Company's ongoing growth to set aside funds for these activities and has therefore elected not to declare a dividend at this time.

Dana's balance sheet strengthened further during 2000, with total net assets increasing 9% to £101.5 million (1999: £93.5million). Bank debt remains very low at just £3.0 million. Dana's development to date has been planned without significant bank debt to position the Company to respond swiftly to quality acquisition opportunities as they are created.

PRODUCTION AND RESERVES

Year 2000 average oil and gas production rose to a new high of 6,473 boepd (1999: 6,119 boepd). Approximately 68% of the Group's production revenues emanated from the UK, with the balance from Russia. The ratio of oil to gas produced was 76% to 24%.

Total proven and probable oil and gas reserves increased by over 9 million boe to 102 million boe during the year, due to additions in Europe, Africa and the Far East.


EXPLORATION AND APPRAISAL SUCCESS

Exploration

Year 2000 saw continued drilling success. In addition to three new oil discoveries, three appraisal wells also had positive outcomes. Since mid 1998, Dana has built an enviable track record in exploration for a company of its size, yielding a total of seven oil and gas discoveries from eight exploration wells drilled.

In spring 2000, Dana completed its first operated exploration well at Western Tano, Ghana. The well encountered oil in two major reservoir horizons. Following this success, 3D seismic was acquired over the deepwater area of the licence. Detailed interpretation of the data will be completed by mid 2001, but early analysis is already very encouraging, with numerous large structures confirmed. An extensive 2D seismic survey was also completed offshore Mauritania and interpretation of this data, whilst at an early stage, is yielding a considerable number of leads and prospects.

In Indonesia, two new oil discoveries were made at Sidayu, offshore Java and in the Natuna Sea. There followed a highly successful three-well appraisal programme at the Ujung Pangkah field. The appraisal programme confirmed reserves of over 450 billion cubic feet of liquids-rich gas, exceeding expectations, and the presence of a significant oil accumulation underlying the gas which is the subject of ongoing study.

Appraisal and Potential Developments

Four of Dana's recent discoveries have been progressing through detailed appraisal work with a view to making development decisions during 2001/2002. These are the Goosander oil field and Orca/Beta gas fields in the UK, the A15 gas field in the Netherlands, and the Ujung Pangkah oil and gas fields in Indonesia.

The technical development concept for the Goosander field is based on a low cost, sub-sea tie-back to Shell's Kittiwake platform. Subject to the results of a forthcoming appraisal well, field development is expected to start by third quarter 2001, with first production targeted for mid 2002.

In the Southern North Sea, two specialist gas development companies have recently acquired stakes in the Orca and Beta gas fields. This has led to an increased pace of activity and determination to drive forward development, despite the UK/Netherlands trans-median line position of the accumulations. Discussions are at an advanced stage to fix UK equity interests between partners in order to advance the development.

At Block A15, a high-resolution 3D seismic survey was acquired and interpreted during the year following the 1999 shallow gas discovery. An appraisal well is scheduled for mid 2001.

The Pangkah co-venturers are now examining development scenarios for the Ujung Pangkah and Sidayu gas and oil fields, which may benefit from being developed together. Further shallow water seismic is being planned for later in 2001, to evaluate a possible further western extension of the Ujung Pangkah field.

ENHANCED STRATEGIC POSITIONS

Africa continues to grow in importance and potential value, not only for Dana but for a number of the world's larger oil companies. Against a backdrop of fewer material and prospective African opportunities, and increased competition, Dana has moved swiftly to secure areas it has been studying in recent years. In addition, the exploration team has begun farming out certain areas to enable financing of a greater exploration programme and thus allow our shareholders to benefit from any potential upside.

In April 2000, Dana was awarded Block CI-100 offshore Ivory Coast, adjacent to our Ghana oil discovery. The Company is undertaking technical study work in this area, and is integrating these findings with our existing regional knowledge base in the Gulf of Guinea.

In Mauritania, Dana has concluded a farm-out deal on Block 7 with Australian independent oil company Woodside Petroleum. This assigns Woodside a minority interest in the Block in exchange for Woodside agreeing to fund future seismic and drilling on a promoted basis. Woodside has extensive experience of Mauritania as operator of neighbouring Blocks 2 through 6, where it has now begun drilling.

In Europe, Dana's strategic relationship with Føroya Kolvetni (the Faroes Oil and Gas Company) bore first fruit in 2000, with the successful award of prime licences in the first Faroes licencing round. In partnership with operator Agip, Føroya Kolvetni has secured an initial 7% equity interest in the licences with an option to increase this to 22%. With drilling activity by BP, Statoil and Amerada Hess scheduled for summer of 2001, this is an area of considerable promise.

ONGOING STRATEGY

Dana's strategy is characterised by year-on-year growth in production and revenue from quality, low risk assets, combined with the potential for step increases in value through high impact exploration. The Company has proved its ability to deliver this business model, having increased production, reserves and income for five consecutive years and having, in parallel, achieved a considerable number of important oil and gas discoveries.

MANAGEMENT TEAM DEVELOPMENT

During 2000, the Board made two senior appointments to ensure continued close management of Dana's asset portfolio, which has been growing in quality and complexity. Mr John Arnton joined the Company as Legal Manager and Chief Counsel, following 16 years oil industry experience, primarily with the TotalFinaElf group of companies. Mr Arnton was also appointed Company Secretary on 31 December 2000. Mr Andrew Bostock joined Dana as Manager of New Business, reflecting the Company's intention to accelerate growth. Mr Bostock brings to Dana his wealth of prior experience with Shell, Enterprise, Talisman and Venture.

OUTLOOK

The Dana Group is now developing a quality asset base and, most importantly, holds a portfolio of further opportunities still to be examined. The Board is determined to maintain an energetic approach to exploration and appraisal and, subject to joint venture and government approvals, we expect to drill up to 12 wells on current projects through 2002.

The management will continue to pursue new opportunities in line with its stated strategy. This includes early entry into exciting exploration areas such as offshore Africa, and the building of high quality production in stable economic regions, typified by the North Sea.

The Company is well positioned, with a strong balance sheet, increasing revenues and outstanding upside. Through the combination of a well-managed exploration programme and carefully selected commercial transactions, we have every confidence that Dana's growth model will deliver further success.

26 April 2001

Charles M. Smith, CBE
Chairman 		Tom Cross
Chief Executive

 

REVIEW OF OPERATIONS

Management resources and capital investment were carefully employed during 2000 to enhance asset performance and build value in each of the Company's four geographic regions. As in 1999, direct investment in 2000 was concentrated on further exploration and appraisal of our two most important growth areas, Europe and Africa. In the Far East and Russia, where political risk is higher, Dana has made the maximum use of locally generated profits and negotiated cost carries to finance asset development whilst limiting the need to invest new funds.

Significant progress was made in advancing previous discoveries towards development, notably the Goosander oil field and Orca/Beta gas fields in the UK, the A15 gas field in the Netherlands, and the Ujung Pangkah oil and gas field in Indonesia. In Dana's producing fields in the North Sea and Russia, infill drilling and a drive towards enhanced operational efficiency ensured that production levels increased during the year.


1. EUROPE

Victor Gas Field

Production from the Victor field averaged 9.5 million cubic feet per day net to Dana (10%) during 2000. This was slightly higher than the equivalent figure in 1999, as a result of increased nominations from the gas purchaser. The field is expected to produce until at least 2012.

Claymore Oil Field

Following acquisition of this asset from DSM in 1999, Claymore has proved to be a valuable addition to Dana's production portfolio. During the year Dana's net 7.52% share in the field delivered over 2,300 barrels of oil per day.

In May, Elf UK completed the sale of its equity in Claymore to Talisman Energy, which has since taken over as operator of the field. The Claymore partnership has now initiated a campaign of development drilling, well workovers and operational efficiency enhancements which are expected to significantly increase production and reduce operating costs for the field in 2001 and 2002. The first new development well came on-stream at encouraging initial rates of around 4,700 barrels per day.

Durward and Dauntless Oil Fields

Following the removal of the Glas Dowr FPSO (floating production storage and offtake) vessel from the Durward and Dauntless oil fields (Dana 30%) in 1999, abandonment of the subsurface facilities was completed early in the year. Consideration is now being given to exploitation of the remaining oil reserves in this area through more cost-effective methods.

Goosander Oil Field

Field partners have continued to progress the technical design and commercial arrangements for development of the Goosander field based on an efficient, low cost, sub-sea tie-back to Shell's Kittiwake platform. An appraisal well, aimed at delineating the eastern extent of the accumulation and optimising the development scheme, is planned for June 2001. Field development is expected to commence in third quarter 2001, with first production anticipated in mid 2002. Dana currently holds an 11.38% interest in this field and is exploring methods by which it can increase its working interest ahead of development.

Work has also continued to firm up a number of additional prospects in the Goosander area, which have potential to be developed as additional tie-ins to the Goosander field.

Orca and Beta Gas Fields

During 2000 Cal Energy replaced TotalFinaElf as operator of the Orca and Beta gas fields, which lie in Blocks 44/24a, 44/29b and 44/30. Technical studies have been completed with a view to an equity determination in order to finalise equity interests between partners across these Blocks to allow an agreed basis for joint development of the fields.

UK Central North Sea

In Blocks 23/16 and 23/17, the previously identified salt diapir play, now known as the 'Barbara' prospect, has been high-graded for drilling during 2001. The prospect is on trend with and geologically similar to the nearby Mungo oil field, part of the ETAP development through which Barbara would probably be rapidly developed in the event of a discovery.

Netherlands

In Block A15, a high-resolution 3D seismic survey was acquired and interpreted during the year following the A15-3 shallow gas discovery in 1999. An appraisal well is planned for mid-2001. As a result of the modification of Dutch Licensing terms in July 2000, the Dutch state energy company EBN was invited to exercise its statutory right to participate with a 40% interest in A15. This both reduces Dana's exposure to exploration and appraisal risk and lowers development costs. Dana's net equity is now 9%.

In late 2000, well F16-3 was spudded to test a prospect that straddles Blocks E18a (Dana 5%) and F16. Although Dana does not hold an interest in Block F16, E18a partners decided to participate with a contribution to the costs of this joint well. The well was suspended with 'tight-hole' status and a further joint well is planned in mid 2001, in Block E18a.

Atlantic Margin Exploration

Dana's strategic position in the Atlantic Margin continues to be developed through positions in three countries: Ireland, the UK and the Faroe Islands.

Offshore Ireland, detailed seismic evaluation of a large Tertiary prospect ('Sarsfield') in Licence 8/95 in the Porcupine Basin (Dana 13.8%) has resulted in a planned exploration well to test the prospect in third quarter 2001. The Sarsfield structure overlaps the boundary with the neighbouring 5/95 Licence operated by Chevron and commercial discussions are underway to consider possible joint financing of the well.

In the UK's northern Rockall Trough, Dana holds a 10% interest in six blocks (Tranche 53) operated by TotalFinaElf. The partnership is currently assessing the prospectivity of this Licence and whether to drill an exploration well following the completion of the interpretation of 3D seismic data and other modelling studies.

Dana's associate Føroya Kolvetni (the Faroes Oil and Gas Company) was very successful in the first Faroes exploration licencing round, with the award of two of the most highly sought after licences, spanning 11 part blocks, in partnership with Agip as operator. Føroya Kolvetni (FK) holds an initial 7% interest in the licences, which can be increased to 22% at its election before the Agip/FK group begins drilling. Three wells are planned on neighbouring licences in 2001 by BP, Statoil and Amerada Hess, while Agip/FK are scheduled to shoot a 3D seismic survey in 2001 followed by a first well in 2002. Dana continues to provide commercial and technical assistance to FK under a co-operation agreement, and now holds options to acquire up to a 20% stake in the company.


2. AFRICA

Ghana

In April 2000, Dana completed its first operated exploration well in the Western Tano Area (Dana 90%), some 20 miles offshore in the shallow water shelf region. The WT-1X well encountered oil in both upper and lower Cretaceous age reservoirs, confirming that the conditions are very favourable for oil to also be found in the major geological fan structures identified from seismic below the shelf.

Consequently, late in 2000, a high resolution 3D seismic programme was initiated to gather further data over the deepwater area of the block. The initial processed data is currently being interpreted and confirms that the block holds very significant potential. Final interpretation of the data will be completed later in 2001 and, following presentation to the Ghanaian Government, will lead to the agreement of a forward drilling plan.

Evaluation of the WT-1X well results continued throughout the year and included the submission of a technical report to the Ghanaian Government. These studies have concluded that there is potential for a commercial hydrocarbon accumulation in the WT-1X area.

Ivory Coast

In accordance with the protocol agreement signed with Petroci, the national oil company of Ivory Coast, in March 2000, Dana undertook a technical evaluation of all existing data on licence CI-100. This is located immediately west of Dana's Western Tano block, and holds the potential for deep-water fan structures similar to many seen in the Company's Ghana licence and other prolific areas of West Africa. The licence covers some 1900 square kilometres, and adjoins Ivorian Block CI-01, where a number of oil and gas discoveries have already been made. Following the completion of the technical evaluation, consideration is being given to agreeing terms of a Production Sharing Contract.

Mauritania

Dana operates three significant Production Sharing Contracts offshore Mauritania, awarded in May 1999. Blocks 1, 7 and 8 cover an area of approximately 34,000 sq km. The blocks are located across the continental shelf and extend over both shallow and deep-water acreage.

Reprocessing of existing seismic and well data was concluded in June 2000, confirming the Company's initial view that the acreage contains the geological conditions necessary for a first class petroleum system. As a result, a large 2D seismic programme totalling over 6000 km was conducted across all three blocks in the Q4 2000. Processing of the data acquired is well underway, and initial results reinforce the petroleum potential of the area. Following interpretation of the 2D data, Dana anticipates moving forward to acquire 3D seismic over high-graded prospects, with a view to commencing exploration drilling by end 2002.

In October 2000, existing licence holders Dana and Hardman Resources concluded a farm-out deal on Block 7 whereby Woodside Petroleum will earn a 35% interest in the PSC in exchange for the funding of 50% of the future work programme on the block. Woodside has considerable Mauritanian experience, being operator of Blocks 2 through 6 where a drilling campaign is underway.

As a result of the farm-out, Dana's interest in Block 7 will be reduced to 51.43%. Dana continues to hold an 80% interest in Blocks 1 and 8.


3. FAR EAST

Indonesia - Pangkah

Within the Pangkah Production Sharing Contract (Dana 12%), successful completion of a 3 well appraisal drilling programme in the Ujung Pangkah field, discovered by the UP-1 exploration well in 1998, has confirmed recoverable gas reserves of over 450 billion cubic feet of liquids-rich gas, far exceeding expectations before appraisal. The appraisal programme also confirmed the presence of a significant oil leg underlying the gas.

In the same block, the Sidayu oil field was discovered by the Sidayu-1 exploration well. Located less than ten kilometres to the north of the Ujung Pangkah field, Sidayu-1 was drilled to 5,426 feet and revealed a 250 feet thick oil accumulation in the Kujung limestone reservoir. On test, the well flowed over 1,450 barrels of oil per day from the vertical well bore. One further exploration well, drilled to test the Tambakboyo structure in the same area only encountered minor shows and was plugged and abandoned.

The Pangkah PSC partners are now considering options for developing the Ujung Pangkah and Sidayu fields, and are exploring the potential for an early oil development of Sidayu and the Ujung Pangkah oil leg ahead of the Ujung Pangkah gas development. An additional transition zone seismic programme in very shallow water is planned for the second half of 2001 to evaluate a possible western extension to the Ujung Pangkah field.

A number of additional prospects have also been identified in the Pangkah PSC Block and are currently being evaluated for further exploration drilling.

Indonesia - North West Natuna

Further exploration success was achieved with the discovery of the Ande Ande Lumut oil field in the North West Natuna PSC Block (Dana 20%). The Ande Ande Lumut-1 exploration well was drilled to a total depth of 4,186 feet to test a large low relief Gabus Formation prospect, the main oil producing formation in the Natuna Sea basin, and logged over 100 feet of net oil pay from four reservoir sands. A drill stem test encountered sand influx and subsequent water channelling, and was terminated without a sustained oil flow. The North West Natuna partnership is currently considering the best forward appraisal programme for the field.

Australia

Dana holds a 49.75% equity and operatorship of Licence WA 226-P located in the northern part of the Offshore Perth Basin off the west coast of Australia. During 2000 a reinterpretation of existing seismic data plus additional geological studies were undertaken to upgrade the 'Morangie' Prospect to drilling status. Current expectations are that a well will be drilled to test this prospect in 2002.


4. RUSSIA

Dana has continued to benefit from its portfolio of oil projects in Russia, which have been built alongside major oil companies, such as Lukoil and Shell. The first of these is focused on producing cash flow which allows the development work on each asset to be self-financed within Dana's Russian portfolio.

South Vat-Yoganskoye Oil Field

The phase 2 development drilling programme initiated in late 1999 continued through 2000, with a total of seven new production wells being drilled, funded entirely by internal cash flow from the operating company Yoganoil, in which Dana holds a controlling 80% stake. This programme has enabled gross average production from the field to be increased during the year by over 40% to 3,200 bopd.

Sortymskoye Oil Field

Discussions have continued with Dana's partners in the Yuganskoil joint venture company regarding the optimal long term development plan for the field. Dana currently holds a 30% interest but has extended its option to acquire an additional 20% of the joint venture company until end 2001. This field holds significant recoverable reserves and this factor has led to an extended dialogue between the participants regarding the best facilities scenario and evacuation route for the development.

Evikhon Oil Company

During 2000, significant progress was made by the Salym field operator, Salym Petroleum Development N.V., a 50:50 joint venture between Shell and Evikhon, on the specific technical plans and commercial terms of the Salym Production Sharing Agreement (PSA). However some delays have been experienced in finalising PSA terms as a result of the re-organisation of PSA responsibilities within the Russian Government. Final agreement on terms is now expected late in 2001, paving the way for initial development of the fields. Dana holds a net 5% equity in the Salym fields via its 10% shareholding in Evikhon.

 

FINANCIAL REVIEW

Turnover

Turnover increased 44% in the year to £29.9 million due to both the higher oil prices obtained and an increase in production levels to 6,473 boepd (1999:6,119 boepd).

Gross and Operating Profit

Gross profit, after excluding exceptional items, increased threefold from £4.2 million to £13.6 million. Following efficiency improvements, the cost of sales in 2000, excluding exceptionals, fell to £16.2 million equating to a 7% reduction in the cost of sales per barrel produced.

The exceptional impairment provision includes a final provision of £3.0 million in respect of the Glas Dowr Floating Production Storage and Offtake (FPSO) vessel which was deployed on the Durward and Dauntless oil field until it ceased production in April 1999. As no new contract has yet been secured by the FPSO owners, this provision meets the Company's full liability on the vessel until the end of its lease in August 2001. There is, however, potential for a write back to the Durward and Dauntless assets once the joint venture's recovered subsea equipment is sold later in 2001.

Administrative costs were kept very low at £2.4 million. Unlike 1999, when Dana received a £2 million management fee from its DSM acquisition, the Company did not benefit from any other operating income in 2000.

The net result of these movements was an increase in operating profit of some 23% to £8.1 million.

Profit Before Tax

Interest received remained broadly in line with 1999, while interest payable rose to £1.7 million (1999: £1.0 million). The increase was primarily due to the cost of funding the convertible loan stock, amounting to £660,000 in the year. This cost has not resulted in a cash outflow as the coupon is payable in the form of additional convertible loan notes.

A further significant interest expense that does not have a cash outflow in the year is the unwinding of discount costs on abandonment provisions. In both the current and previous years this cost amounted to £0.3 million.

The resulting profit before tax in 2000 was £7.4 million (1999: £6.4 million).

Taxation

The Company's tax charge of £1.8 million represents an increase of £1.6 million over 1999. This is due to increases of almost £1.2 million in respect of Russian profit tax and an additional charge of £0.3 million in respect of Petroleum Revenue Tax (PRT). Currently the Company pays PRT on its revenues from the Victor gas field, while it continues to benefit from its historic PRT losses protecting Claymore oil revenues.

Profit after tax was £4.8 million, yielding earnings per share of 0.5 pence.

Cashflow

Due to changes in accounting disclosure relating to the provision for Durward and Dauntless at that time, the 1999 net cash inflow from operating activities of £16.9 million was unusually high. The corresponding figure for 2000 of £9.2 million therefore shows a significant reduction against 1999 while it has increased threefold compared with 1998. Cash at year end was £21 million. Capital expenditure for the year, which was primarily exploration and appraisal drilling related, was £12.0 million.

Financing Strategy

Dana aims for an appropriate balance between equity and debt to fund exploration and development activities. Dana repaid £4.1 million of bank debt in 2000 and ended the year with a bank debt position of just under £3 million. The Company also has outstanding convertible loan notes in issue at £8.4 million.

Risk Management

Crude oil price variation remains the main economic factor to which Dana's results are sensitive. As a prudent measure, Dana took out a low cost put option to protect the Company's revenues against oil price decreases below $20 per barrel Brent, during 2000. Dana specifically avoided any form of upside-limiting hedge, thus maximising the benefit of higher oil prices. With respect to gas price variation, the Victor life-of-field gas sales contract with Centrica provides adequate protection against gas price fluctuations. Dana constantly reviews the need for oil price and currency hedging under a rolling review process whereby appropriate action is taken to protect operating cashflow against oil price falls and material exchange losses.

Graham D Stewart
Finance Director
26 April 2001

 

DANA PETROLEUM PLC

CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2000

 
2000
1999
 
£'000
£'000
Turnover 29,865 20,746
Cost of sales - continuing operations (16,245) (16,531)
  - exceptional impairment (provision) / writeback) (3,114) 2,319
   
Gross Profit   10,506 6,534
Administrative expenses (2,399) (1,956)
Other operating income - 2,013
 
Operating profit 8,107 6,591
     
Group share of loss of associated company (7) (30)
Loss on disposal of subsidiary undertaking - (204)
 
Operating profit on ordinary activities before interest and taxation 8,100 6,357
Interest receivable 1,063 1,127
Interest payable and similar charges (1,729) (1,044)
 
Profit on ordinary activities before taxation 7,434 6,440
Taxation (1,813) (187)
 
Profit on ordinary activities after taxation 5,621 6,253
     
Minority interest (787) (323)
 
Profit for the financial year 4,834 5,930
Profit per share 0.5p 0.7p
 
Diluted profit per share 0.5p 0.7p
 

 

DANA PETROLEUM PLC

CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2000

 
2000
1999
 
£'000
£'000
     
Fixed Assets    
Intangible assets 54,568 43,864
Tangible assets 40,987 43,094
Investments - associated undertakings 3,496 3,169
  - other 9,019 9,014
   
    108,070 99,141
   
     
Current Assets    
Stocks 475 298
Debtors 2,824 4,510
Investments 12 14
Cash at bank and in hand 21,116 28,141
   
  24,427 32,963
     
Creditors (amounts falling due within one year) (7,464) (9,704)
   
Net current assets 16,963 23,259
   
Total assets less current liabilities 125,033 122,400
     
Creditors (amounts falling due after one year) (11,357) (12,696)
Provision for liabilities and charges (5,988) (8,822)
Accruals and deferred income (6,225) (7,409)
   
Net assets 101,463 93,473
   
Capital and reserves    
Called-up share capital 8,984 8,965
Share premium 8,554 8,306
Merger reserve 97,679 97,679
Profit and loss account (14,440) (21,359)
   

Total capital employed

 100,777 93,591
     
Minority interest in subsidiary undertakings 686 (118)
   
  101,463 93,473
   

 

DANA PETROLEUM PLC

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2000

 
2000
1999
 
£'000
£'000
     
Cash inflow from operating activities 9,152 16,951
 
     
Returns on investment and servicing of finance    
Interest received 1,063 1,127
Interest paid (747) (743)
 
  316 384
   
Taxation (paid)/recovered) (1,228) 138
 
Capital expenditure and financial investment    
Payments to acquire intangible and tangible assets (11,970) (22,427)
Receipts from sale of tangible assets - 9,641
 
  (11,970) (12,786)
 
     
Acquisitions and disposals    
Sale of subsidiary undertaking - 783
Net cash transferred with subsidiary undertaking - (148)
 
  - 635
 
     
Management of liquid resources    
Short term deposits 7,389 (7,765)
 
     
Financing    
Issue of ordinary share capital 267 9,023
Convertible loan stock - 7,727
Repayment of short term borrowings (2,094) (2,049)
(Repayment)/new long term borrowings (1,999) 2,565
 
  (3,826) 17,266
 
(Decrease)/increase in cash (167) 14,823
 

 

DANA PETROLEUM PLC

STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES FOR THE YEAR ENDED 31 DECEMBER 2000

 
2000
1999
 
£'000
£'000
     
Profit for the financial year attributable to group shareholders 4,834 5,930
     
Currency translation adjustment 2,085 557
 
     
Total recognised gains for the year 6,919 6,487
 

Notes:

1. The above financial information for the year 2000 does not constitute statutory accounts. It is an extract from the 2000 group accounts, which have not yet been delivered to the UK Registrar of Companies; it is expected that the report of the auditors on those accounts will be unqualified.
   
2. No dividend is proposed.
   
3. The profit per ordinary share of 0.5p (1999 - 0.7p) is based on the profit for the financial year of £4,834,000 (1999 - £5,930,000) and 897,105,110 ordinary shares (1999 restated - 842,721,477), being the average number of shares in issue for the year.
The diluted profit per share of 0.5p (1999 restated - 0.7p) is based on the profit for the year of
£4,834,000 (1999 - £5,930,000) and 910,155,498 ordinary shares (1999 restated - 888,727,723), being those shares in issue and issuable in respect of the directors' and employees' share options and any other future commitments.
Convertible loan stocks are at present anti-dilutive.
   
4.

Copies of the full accounts will be posted to all shareholders in June 2001. Further copies will be available from the Company's headquarters at 36 Carden Place, Aberdeen AB10 1UP, from the date of posting. Telephone +44 (0)1224 652400, or request via Dana's web-site at www.dana-petroleum.com.