Interim's very impresive:
T/O trebled, PBT +9 times
Share price is static at 227 but NAV is about 310

Results are due out on Wednesday and a positive start to the week. Analysts are expecting an EPS of 30p which places them on a PE of 8. With recent oil prices and production levels hopefully this figure will be exceded. More important will be the updates that come with the results - what happened in the proposed merger with Venture and a progress report on the drilling. Good luck to all holders

LONDON (AFX) - Dana Petroleum PLC, an independent oil and gas exploration and production company, said pretax profit jumped almost four-fold for the year to December 2003 as sales more than doubled.

Pretax profit surged to 31.7 mln stg from 8.2 mln as sales grew to 86.5 mln stg from 38.6 mln.

Average production more than doubled to 17,270 barrels of oil equivalent per day (boepd) from 8,170 boepd.

The company also said proven and probable reserves increased to 123.7 mln barrels of oil equivalent (mmboe) from 116.0 mmboe in 2002.

LONDON (AFX) - Dana Petroleum PLC said it is 'greatly encouraged' by the exploration drilling results from its Pelican-1 discovery offshore Mauritania.

Preliminary estimates suggest the Pelican structure contains about 1 trln cubic feet of gas in place, with recoverable reserves estimated at between 600 and 800 billion cubic feet (bcf) and 10-13 mln barrels of associated liquids.

Pelican-1 was the first well drilled by Dana, the field's operator, and its co-venturers in the 3 Dana operated production sharing contract areas offshore Mauritania.

The well was suspended so that it can potentially be re-entered later for either deepening or a side-track, the company said.

Dana Petroleum has a 76.5 pct interest in the Block 7 production sharing contract, where Pelican-1 is located, while Hardman Resources has a 18.0 pct share and Roc Oil a 5.5 pct stake.

Just had a read through of the results and am happier than initially thought. The EPS was slightly lower than expected, however, this appears to be mainly due to the tax treatment having transferred to FRS 19. The debt has been significantly reduced meaning cash inflow is strong. The Pelican drilling in Mauritania is still very positive.

Key points:

Production more than doubled to 17,270 boepd
Operating profit increased 266% to 34.1m
Net Profit up 188% to 19.6m
Net cash flow trebled to 52.2m
Gearing reduced from 34% to 6%
Proven/Probable reserves increased from 116.0 mmboe to 123.7 mmboe
Otter/Caledonia brought onstream

"As a result of its success in 2003, Dana is now in a strong and healthy
position. The Company is looking forward to executing its balanced inventory of attractive exploration and development projects which it has been carefully
building over the last few years. Within Dana's existing asset base there is
the potential to participate in up to 17 exploration and appraisal wells over
the next two years, subject to partner approvals, and 10 of these are currently
being planned. The Company expects to sanction five development projects during
2004, ensuring medium term growth, and Dana's business development team is
actively pursuing further acquisitions and new venture opportunities."


anyone else out there interested in these or I am I talking to myself?

Am busy digesting details, more (burp!) later.

Namreh - any thoughts yet?

Having looked at the results again they trade on a current PE Ratio of 9.5 and this is on the back of having more than doubled turnover and operating profit increased by 266%. I have not as yet been able to find a forward forecast for next year but would be interested if anyone has.

To put into context Burren has an additional 50% mkt cap on half the profit.

Dana has never been a popular share - mainly due to excessive director remuneration and the potential merger with venture wasn't well received.

However, based on the current fundamentals and the future prospects this company seems undervalued to me and due for a rerating.

All inho and if buying in, look into the results and the drilling updates and dyor

very few thoughts nowadays F, although dribbling and drooling for Engerlund in this years Olympics! PE projected to be about 12.5 for 2005 according to Barc S/B /Hemscott. There is a thread on ADVFN upon which someone who has/had worked in oil ind. for many years says that a large chunk of his portfolio is taken up with DNX stock and that he has held it for a long time. He believes DNX are V.V.V. undervalued and should be around the 20 mark!. It is not inconceivable and although it has taken a long time coming, IMHO given DNX diverse operations and there strike percentage success, that before too long (12-24 months) at least one of their ops will come good, perhaps even something of an uplift if Faroe P. gets it act together. Thats the beauty and excitement of oil exp.
Large trades recently in DNX (new tax yr etc, portfolio adj) indicate others may be thinking the time is near for DNX. I tend to agree. (Just don't quote me on it!).

All in all, I like DNX. It seems like a reasonably tightly run ship with dedicated staff from the boardroom down. (Even received written reply to enquiry with named individual signing letter by hand. How rare is that nowadays!)

Long term hold and at these prices I do not rate the share as too speculative.
Perhaps accumulate when below 245p and take profits until breakout above 300p.

That is enough. Back to the dribbling!

RNS Number:5428X
Dana Petroleum PLC
13 April 2004



DANA PETROLEUM plc ("Dana")



Appraisal Drilling Campaign Commences Offshore Indonesia



Dana Petroleum is pleased to confirm the start of the appraisal drilling
campaign in the Pangkah Production Sharing Contract ('PSC') area offshore
Indonesia. Drilling operations on the first well in the programme have commenced
using the jack-up drilling rig 'Ocean Sovereign'.



Two wells will be drilled to test for the presence of a western extension of the
Ujung Pangkah gas field. The wells are expected to add substantial new gas
reserves to the current 'core area' reserves of 478 billion cubic feet. If
successful, the wells will also be flowtested to provide additional production
performance information ahead of finalising the Ujung Pangkah development well
locations. The opportunity may also be taken to test the productivity of the
Ujung Pangkah oil rim, directly underlying the gas accumulation, where
approximately 450 million barrels are mapped in place. Each well is expected to
take around one month to complete, excluding any well testing operations.