Dana Petroleum spuds Platypus appraisal well

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Dana Petroleum plc ('Dana'), a wholly owned subsidiary of the Korea National Oil Corporation ('KNOC') spudded the Platypus appraisal well 48/1a-6 with the Ensco 80 jack up drilling rig on Wednesday 11 April 2012.

The Dana-operated Platypus gas accumulation is located in Block 48/1a in the UK Southern North Sea. It was discovered in 2010 when the Dana-operated 48/1a-5 well encountered gas bearing Lower Leman sandstone reservoir.

To date the drilling operation is running according to plan, having just drilled the 17.5" hole section to section Total Depth (TD).

Dana holds a 59% operated interest in the Platypus well. Other partners in the venture are The Parkmead Group, First Oil Expro Ltd and CalEnergy Gas Ltd.

Dana's UK Managing Director, Paul Griffin said "We are delighted with the progress we've made on Platypus, which is a key asset in our UK portfolio. Dana already holds the second largest acreage in the North Sea and our strategy is to grow production and reserves by continuing to invest in exploration and development opportunities. In 2012 we plan to drill five exploration wells in the North Sea and West of Shetland."