Eagle Exploration Update

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On 1 July 2016, EnQuest announced a discovery in respect of the recently drilled Eagle exploration well in the Central North Sea. EnQuest asserted that it had drilled the well on a 100% working interest basis.

Prior to EnQuest proceeding to drill the Eagle exploration well, Dana had asserted to EnQuest that EnQuest did not have authority to do so.

It remains Dana’s position that it has a 50% ownership interest in the Eagle well discovery and it has reserved its rights under the relevant licence, under the Joint Operating Agreement and at law.

The company looks forward to the further evaluation of the Eagle results in due course.

About Dana Petroleum Limited

Dana Petroleum Limited is a wholly owned subsidiary of the Korea National Oil Corporation (KNOC). We are an international oil and gas business with operations in the UK, Egypt, the Netherlands and Africa, producing an average of 50,000 barrels of oil a day. Dana holds 25 operated and 19 non-operated licences in the UK.