Press Release
25th September 2003
To view or download the complete results please click here: Interim_pdf
DANA PETROLEUM PLC
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2003
Dana Petroleum, the independent oil and gas exploration and production company focused on growth through international exploration and the development of low risk production from the UK North Sea, reports its interim results for the first half of 2003.
HIGHLIGHTS
Strong Growth in Oil and Gas Production
- Average Production more than trebled to 16,081 boepd (1H 2002: 5,275 boepd)
- Production from seven oil and gas fields, expect to add two more by year-end
Record Operating Performance
- Turnover increased by 256% to £37.0 million (1H 2002: £10.4 million)
- Operating Profit rose nine-fold to £15.0 million (1H 2002: £1.6 million)
- Net Profit increased 746% to £11.0 million (1H 2002: £1.3 million)
- Net Assets reached a new mid-year high of £148.2 million (mid 2002: £131.4 million)
- Cash Flow from Operations rose strongly to £18.3 million (1H 2002: £3.5 million)
Successful Development Programme
- Otter and Caledonia developments completed, both fields now on full production
- Successful infill drilling at Banff and Claymore oil fields
- Upper Salym field onstream and Shell JV agreed to $1 billion 3-field development
Significant Exploration and Commercial Activity
- " Acquisition of Kittiwake and Mallard oil fields and surrounding discoveries
- Concluded valuable farm-out deal to accelerate exploration offshore Kenya
- Major seismic acquisition of 5,500 km underway in Kenyan PSCs L5, 7, 10 & 11
- Completed 3D seismic programme offshore Western Australia
- Intense period of prospect analysis and drilling planning offshore Mauritania
- Awarded 5 new licences (over 9 blocks) in UK 21st Offshore Licensing Round
Positive Outlook
- Two gas fields (Pangkah and Cavendish) on course for development sanction
- New drilling and tie-back opportunities in Greater Kittiwake Area under review
- Planning on 8 exploration/appraisal wells and 3 further developments in next 2 years
Charles M Smith CBE, Chairman of Dana, commented:
"Yet again, I am delighted to report on record results. Dana's business strategy is delivering strong revenues from a balanced portfolio of oil and gas fields, with more in the pipeline. Increasing cashflow and a strengthening balance sheet will enable the Company to drive forward more of its quality development and exploration opportunities."
Enquiries to:
| Dana Petroleum plc | Tel: 01224 652400 | |
| Tom Cross (Chief Executive) | ||
| David MacFarlane (Finance Director) | ||
| Andy Bostock (Technical Director) | ||
| College Hill Associates | Tel: 020 7457 2020 | |
| James Henderson | ||
