Press Release

27th March 2002

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

PRELIMINARY RESULTS FOR THE YEAR ENDED 31 DECEMBER 2001

RECORD RESERVES, INCREASED PROFIT AND STRONG ASSET BASE
POSITION DANA FOR FUTURE GROWTH

HIGHLIGHTS

Increased Financial Strength

· Profit for the financial year up 15% to £5.6 million
· Net assets rose 30% to record high of £132 million
· Year end cash increased 43% to £30 million

Record Oil and Gas Reserves

· Proven and probable reserves increased to 105 million barrels
· Reserve additions replaced production by over 250%

Successful Strategy Implementation in 2001

· Further oil and gas discoveries offshore Indonesia and Netherlands
· Awarded four major Production Sharing Contracts offshore Kenya
· Agreed three low cost asset acquisitions in UK North Sea
· Development of the Caledonia and Salym oil fields commenced
· New 3D seismic surveys shot offshore Mauritania and the Faroes
· Farmed out Australian licence to achieve free carry through drilling

Well Positioned for Future Growth

· Extensive exploration portfolio, 10 wells planned over next 2 years
· Dana to be boosted by ongoing acquisition of UK assets from Agip

- Group oil and gas production expected to treble over next year
- Five producing fields, three more fields under development
- Six further potential developments in Dana's portfolio

Charles M Smith CBE, Chairman of Dana, commented:

"The last year has seen important progress for Dana. We drove forward our extensive exploration and development programme, adding new oil and gas reserves and winning quality new licences. With a strong balance sheet, exceptional opportunity base and proven track record, the Company can look forward with confidence to increased production and further growth."

Enquiries to:

Dana Petroleum plc	Tel: 01224 652400
Tom Cross, Chief Executive
Graham Stewart , Finance Director
College Hill Associates	Tel: 020 7457 2020
Archie Berens

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