Press Release

21 September 2001

DANA PETROLEUM PLC
("Dana" or "the company")

RESULT OF PLACING AND OPEN OFFER

On 30 August 2001, Dana Petroleum plc (the "Company") announced a placing (the "Placing") and open offer (the "Open Offer") of 163,338,224 new Ordinary Shares at 12.25p per new ordinary share (the "Issue Price") to raise approximately £20.0m before expenses. At the same time the Company announced the cash placing (the "Cash Placing") of 44,897,959 new Ordinary Shares at the Issue Price to raise approximately £5.5 million before expenses.

Result of Open Offer

The Open Offer closed at 3.00pm on 20 September 2001, at which time valid applications had been received for 75,170,014 new Ordinary Shares, representing 50.58 per cent. of the new Ordinary Shares which could be taken up under the Open Offer.

The Cash Placing Shares and the balance of 88,168,210 new Ordinary Shares not taken up by qualifying shareholders under the Open Offer, including 14,720,916 new Ordinary Shares for which an irrevocable undertaking not to take up under the Open Offer had been received, have been conditionally placed at the Issue Price by Teather & Greenwood Limited, as agent for the Company, with institutional and other investors.

The Placing and the Open Offer and the Cash Placing remain conditional on admission of the new Ordinary Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's market for listed securities, which is expected to take place on 27 September 2001.

For further information, please contact:
Tom Cross, Chief Executive	Tel: 01224 652400
Dana Petroleum plc
Derek Rawlings	Tel: 020 7597 5970
Investec Henderson Crosthwaite
Archie Berens	Tel: 020 7457 2020
College Hill Associates