Dana Petroleum

Press Release

25th September 2002

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

INTERIM RESULTS FOR THE SIX MONTHS TO 30 JUNE 2002

Dana Petroleum plc, the British independent oil and gas exploration and production company, is pleased to report on progress during 2002.

HIGHLIGHTS

• TWO SIGNIFICANT UK ACQUISITIONS
  • Purchase of Caledonia, Enoch and Cavendish fields from Conoco completed in May
  • Acquisition of Hudson, Banff and Otter fields from Agip expected to complete shortly
• RISING PRODUCTION
  • First half average production of 5,275 boepd. August production 8,679 boepd
  • On target to exceed 15,000 boepd by year-end and grow further in 2003
• IMPROVED FINANCIAL STRENGTH
  • Total net assets grew 25% to £133 million
  • New $75 million revolving credit facility to fund UK developments
• CONTINUED EXPLORATION SUCCESS
  • Discovered Barbara gas-condensate field offshore UK and won adjacent licence
  • Ghana shallow-water and UK Drum exploration wells nearing completion
  • Farm out deals to reduce costs and accelerate drilling in Australia and Mauritania
  • Finding costs remain low at less than $2 per barrel
• ACTIVE DRILLING PROGRAMME AHEAD
  • Six further fields being considered for potential development
  • Planning up to eight additional exploration wells over next 2 years

Charles M Smith CBE, Chairman of Dana, commented:

"2002 is a transforming year for Dana, with three exploration wells and five production wells either already completed or in progress. We began 2002 with 3 producing fields and expect this number to rise to 8 by year-end, delivering significant revenue growth and a more balanced portfolio of exploration, development and production.

The Group's strengthened balance sheet and new $75 million bank facility will underpin the financing of ongoing field developments, yielding increased cashflow and enabling our high-impact exploration plans to be realised."

For further information please contact:

Tom Cross (Chief Executive)	Dana Petroleum plc	01224 652400
Graham Stewart (Finance Director)	Dana Petroleum plc	01224 652400
Andy Bostock (Technical Director)	Dana Petroleum plc	01224 652400
Archie Berens	College Hill Associates	020 7457 2020
Andree Taylor	College Hill Associates	020 7457 2020

To view or download the complete results please click here: Interim_June2002.pdf