First oil has been brought on line from Cormorant East, a newly discovered oil field, in which Dana Petroleum has a 20 per cent stake.
The initial production rate is approximately 5,500 barrels of oil per day (net Dana approximately 1,100 barrels of oil per day).
A Field Development Plan (FDP) for the Cormorant East Field, part of the Contender Block, was approved by DECC last year.
First oil follows Dana and other partners successfully drilling well 211/21-N94 (the “Contender Well”) in October 2012 and penetrating a thick oil section in the Tarbert Formation of the Jurassic Brent Group.
Production will be processed at the North Cormorant platform operated by TAQA Bratani Limited (“TAQA”) before being exported to the Sullom Voe terminal for sale.
Other interests in the Contender Block are TAQA 60%, Antrim 8.4%, First Oil Expro Limited 7.6% and Bridge Energy Enterprises Limited 4%.
UK Managing Director Paul Griffin said: “We continue to invest in the North Sea by searching out new exploration and production opportunities. Cormorant East is a welcome addition to our portfolio of non-operated assets.”
NOTES TO EDITORS
About Dana Petroleum plc
Dana Petroleum plc is a $4 billion oil and gas business with operations in the UK, Egypt, Norway, The Netherlands and Africa, producing 60,000 barrels of oil a day. Acquired by the Korea National Oil Corporation in 2010, our ambition is to grow to become a leading international oil and gas company operating in Europe, Africa and the Middle East. We will invest up to $5 billion over the next five years to more than double the size of the company and create value for our shareholder.
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Group Corporate Communications Manager