Just cannot understand recent SP volatility!

As a Dana shareholder I find it difficult to
find any reason to sell, even at current price. The Company has recently
entered a number of agreements which will have
considerable benefits:-

1. Reserves from 31st December 2003 of 123.7 mmboe
must now be in the region of 200.0 mmboe.( 100 million
North Sea 70 million Mauritana 30 million Russia ).

2. Production will rise to 25-27 thousand boepd in
2005 from 18 thousand in 2004.

3. At 30th June 2004 a Net cash position which will
have been enhanced significantly year to date.

4. Exciting exploration potential.

5. Management that seem to know what they are doing
with an excellent chief executive.

6. Recent deals by other oil companies have seen oil
assets bought at prices between 7-11 dollars a barrel
( see last weeks Investors Chronicle ) Dana must have
a value well in excess of the current 300 million.

I am holding firm and looking towards 800 pence.

Any other views out there?

See Merrill Lynch have upped their target price to 1560p

rumour about today that DNX are looking to takeover VPC again

hopefully not true imo

And up we go again what a roller coaster.

Dana moving along nicely as the oil price heads into orbit.
Whilst the takeover rumours regarding VPC are complete nonsense I believe a more realistic outcome may well be Gaz de France taking over Dana.

Remember you heard it here first.

;o)

Ian

Ianayel

Second. Read Post 187

Nice one church

POST 187
I would not be surprised if we received a takeover approach. In my opinion for what it is worth Dana would make a perfect fit for at least two companies Gaz de France and Tullow.

Churchill2

Apologies - did not read the earlier posts.
I only posted after chatting to a couple of people last night.

However the crux of the matter is that I believe Dana is now definately 'in play'

Should be fun in the next few weeks.

Ian

Ian

You are forgiven. I never hold a grudge.

Thank you Sir

;o)

Dana Petroleum says remains on track to meet 2007 target of 40,000 boepd
AFX


LONDON (AFX) - Dana Petroleum PLC reiterated that it remains on track to achieve its target of producing 40,000 barrels of oil equivalent per day (boepd) by the end of 2007.

'Dana should continue to benefit strongly from this growth in production during 2006 and 2007 as the company is currently completely un-hedged with respect to oil price,' chairman Colin Goodall said at today's annual general meeting.

Production reached a record 19,683 boepd in 2005

Dana Petroleum PLC
31 July 2006

Monday 31 July 2006


PRESS RELEASE

DANA PETROLEUM plc ('Dana', 'the Company' or 'the Group')

ANNUAL GENERAL MEETING STATEMENT




Dana Petroleum is pleased to report that at its Annual General Meeting held
earlier today all resolutions were approved by shareholders.

Commenting on the progress and activities of the Company, Chairman Colin Goodall
released the following statement:

'Dana delivered exceptional performance in 2005, continuing its strong track
record of year-on-year growth. By achieving a new high in oil and gas
production, coupled with a number of astute commercial deals, this led to a
record financial performance for the Company with net profit increasing by over
400%.

The Group completed the year in a very healthy position, with significant cash
reserves, excellent cash flow and a portfolio of high quality growth
opportunities. Dana thus began 2006 poised ready to double its production levels
from less than 20,000 boepd to 40,000 boepd over the ensuing 2 year period to
end 2007, through unprecedented levels of development activity in the North Sea.
The first 3 of these new field developments, Goosander, Cavendish and Enoch are
progressing well and due to come on stream over the next 6 months. Dana is thus
on track to achieve its target of producing 40,000 boepd by the end of 2007.

Thus far during 2006, Dana has continued its high pace of operational activity
in each of the Group's core areas. Major achievements already this year have
included two new oil and gas discoveries in the North Sea, one in the UK and one
in the Netherlands. Both of these are currently being flow tested and the final
results will be reported shortly. In addition to the ongoing new North Sea field
developments, a range of work is being undertaken offshore to enhance the long
term performance and value of the Company's existing producing assets, including
infill drilling, increased water injection and facilities upgrades.



Dana should continue to benefit strongly from this growth in production during
2006 and 2007 as the Company is currently completely un-hedged with respect to
oil price.




North Sea Operational Update



1. Southern North Sea Gas Fields



The Cavendish field development is on schedule for first gas by end 2006. The
platform was installed in June and the drilling rig is due to arrive in August
following completion of drilling at the F16-E gas field in The Netherlands, in
which Dana also has an interest.



A key appraisal well is in progress to appraise the Babbage gas field, which has
the potential to contain up to 390 billion cubic feet of gas-in-place in Permian
age Rotliegend sandstone reservoir. The well is targeting a crestal area of the
reservoir in order to establish reservoir productivity ahead of a development
decision. If appraisal is successful, it is expected the field will be moved
quickly into development as a tie-back to existing infrastructure.



In the Netherlands, the E18-DF exploration well has reached total depth,
discovering good quality gas bearing sands and is currently being flow tested.
This discovery has encouraged the potential drilling of an appraisal well in a
fault block to the west of the current well to prove further volumes before
developing the fields as a tie-back to the F16-E platform. Two additional wells
have been drilled, as planned, on the F16-E gas field since production started
in late 2005.



2. Central & Northern North Sea Oil Fields



2006 is seeing major progress across the Greater Kittiwake Area ('GKA') with
both the Gadwall water injection well and the Goosander oil production well
already completed. Goosander will deliver first oil imminently. Good production
performance from the GKA during the first half of 2006 was partially offset by a
drilling rig anchor collision incident involving the Gadwall/Mallard pipeline.
This led to both fields being shut-in for a period of several weeks. A permanent
solution was completed in July and production from the Gadwall/Mallard pipeline
has been reinstated. Dana's net production from the Kittiwake, Mallard and
Gadwall fields is currently around 8,000 to 9,000 boepd and this could rise to
13,000 to 14,000 boepd when Goosander comes on stream.



Dana's overall production is significantly influenced by the ongoing field
development activities at GKA as the Company holds a 50% interest in these
fields. Group daily production is currently around 24,000 boepd, which is more
than a 20% increase from the 2005 annual average production of 19,683 boepd. As
previously reported, average production for 2006 as a whole will be highly
sensitive to the timing of the three new field start-ups. Two of these,
Cavendish and Enoch, will begin flowing around the year end. It is currently
estimated that Dana will exit 2006 with production levels of over 33,000 boepd,
with the average for the year in the range 24,000 to 27,000 boepd. Production
will be biased to the second half as new fields are being added. These figures
can only be rough estimates at this time and a forecast to year end will be
given at the Company's Interim Results in September. By that time the early
performance of the Goosander field and the reinstated Mallard and Gadwall fields
will be known, as well as the completion date for the Gaz de France transaction
which will add new producing interests into the Dana portfolio from the Anglia
and Johnston gas fields.



Numerous opportunities have been identified to further increase oil production
and reserves at GKA. Currently, a sidetrack of the original Mallard water
injection well is being drilled to increase reservoir sweep efficiency and hence
recoverable oil reserves. Development plans are also being progressed for the
Grouse discovery, to the east of Kittiwake, and the redevelopment of the Durward
and Dauntless oil fields to the west of Goosander. Dana has concluded a deal
with Venture to enter Block 21/20a (outside the Cook field area) and Block 21/
20b, which includes the Christian oil field and the Bligh gas condensate
discovery. The Christian partners, which are currently Dana, Venture and Noble,
are considering plans to tie the field across the Mallard and Kittiwake
infrastructure. The relatively fixed operating costs on the Kittiwake host
platform mean that any incremental oil produced in the GKA is highly profitable.



The Enoch field development is broadly on schedule with first oil currently
expected to flow around the end of 2006. The drilling rig is due to arrive by
September and the topsides work on the host Brae platform is already underway.



Infill drilling at the Claymore field continues to maintain production levels,
extend field life and increase oil reserves. In addition, planning has started
to drill a further well on the Banff field in Q1 2007 and gas compression
upgrades have begun on the FPSO.



The Causeway exploration well, now drilling in Block 211/23d, has effectively
tested two prospects. It has discovered additional oil in the Brent reservoir
both in proximity to the existing 211/23d-2 discovery and in the previously
undrilled A-prospect. A flow testing programme is currently being undertaken.
Dana, as operator of the adjacent 211/22a block, has begun subsurface studies to
identify development opportunities, either on the existing undeveloped
discoveries, or in new fault blocks. Given the close proximity to existing
infrastructure, the Causeway discovery and further targets identified by Dana,
give increasing confidence in being able to deliver a valuable development
opportunity in this area.





International Exploration Update



Dana will use the Atwood Hunter rig for two wells offshore Mauritania beginning
in August. The first is targeting the Flamant prospect in Block 8, which is a
very large carbonate structure in this under-explored area of Northern
Mauritania. After Flamant the rig will move to the Aigrette prospect in Block 7.
Aigrette is a structural closure some 40 km to the north of the Pelican
discovery made by Dana with its first well in Block 7. The Aigrette well is
targeting similar age sands to Pelican.




After entering Egypt in 2005, Dana is rapidly building a valuable portfolio of
licences in country. A 3D seismic survey at the South Feiran Concession in the
Gulf of Suez was successfully completed in Q2 2006. Seismic processing is
underway and interpretation of this data should define exploration targets for
drilling from 2007.



Offshore Kenya, the Chikyu deepwater drillship has been contracted by the
joint-venture operator Woodside to enable two wells to be drilled to test the
huge Sokwe and Pomboo Cretaceous age structures. Drilling is currently planned
for late 2006 or early 2007.



Whilst the Chikyu drillship is available, Woodside and Dana intend to bring
forward the drilling of a first well for the group in the Great Australian
Bight, offshore South Australia, in late 2006 or early 2007. The precise timing
of the drilling in Australia and Kenya will depend on the combined partnerships'
view of the weather windows at the two locations.



Offshore Morocco, 3D seismic has been accelerated over the North-West Safi
exploration licence. The survey, which is already complete, should define
drilling targets on a number of prospects identified from earlier 2D seismic,
with a view to commencing drilling by late 2007.





Outlook



Dana is on track to grow significantly over 2006 and 2007. The Company's sound
strategy has led to both strength and balance being developed within its
portfolio and this is now delivering tangible benefits with rising production
capacity and a 40 well exploration and appraisal drilling programme running from
2006 through 2008 targeting potential reserves of over 2 billion barrels net to
Dana. The Company's good working relationships with its co-venturers, major oil
and gas companies and governments have led to valuable cooperation across
different areas. One example of this has been the securing of drilling rigs for
deepwater wells in Mauritania, Kenya and Australia.



The strategic Exchange Agreement previously announced with Gaz de France ('GdF')
is nearing legal completion. The multi-country, multi-asset nature of this
transaction has meant that achieving the various governmental and third party
approvals is, as expected, taking some time. However, approval has now been
received from the DTI in the UK and the Government of Mauritania, and both GdF
and Dana are working to expedite approval in Egypt and obtain third party
consents. Dana has also reached agreement with GdF regarding the other assets to
be included within this transaction and an announcement will be made detailing
these associated assets in the near future.




It is particularly pleasing to report the faster than expected pace of licence
acquisition and seismic acquisition offshore Morocco and Egypt. It is already
clear that these two new business areas should deliver numerous quality drilling
opportunities for Dana in the medium term, starting as early as 2007.



The next year will be an exciting period for Dana, with results from a range of
important exploration wells internationally and the commissioning of new
producing fields in the UK which will ensure the Company's continued strong
growth.'

All sounds positive and as expected a fair bit of news flow expected in the second half.

Good to hear the Gaz de France deal is nearing completion, all production still unhedged, Goosander production imminent.

Production expected to be 33K boepd by end of 2006 and 40K by end of 2007 (which may even be on the conservative side imo). Financial yr 2006 production expected to be 24-27K boepd

fund
Dana Petroleum says remains on track to meet 2007 target of 40,000 boepd sounds good to me.

Start of the expected news flow today :-)

Mauritania: Exploration drilling update - Block 8

The Atwood Hunter drill rig was released by the operator Woodside on 5 August
2006 following the plugging and abandonment of the Colin-1 well and has been
relocated to Block 8, to drill the Flamant-1 exploration well. The well is
expected to spud by the end of this week.


Dana Petroleum PLC
08 August 2006

Tuesday 8th August 2006






PRESS RELEASE


DANA PETROLEUM plc ('Dana', 'the Company' or 'the Group')


First Oil Flows from the Goosander Field



Dana Petroleum is pleased to announce that production has successfully commenced
from the Goosander oil field, where the Company holds a 50% working interest.
Goosander is located in Block 21/12 within the Greater Kittiwake Area ('GKA') of
the UK Central North Sea, and is the fourth field to be produced in this area
joining the Kittiwake, Mallard and Gadwall oil fields.



Goosander has been developed as a subsea tie-back to the Kittiwake platform,
utilising two subsea flowline bundles totalling 12 kilometres in length. The
bundles were manufactured and installed by Subsea7 from their construction site
in Wick, Scotland and have been designed to accommodate future production and
water injection wells and the potential for re-use on future subsea tie-backs.



To effect the development, the original Goosander discovery well 21/12-3 has
been re-entered and completed as a production well and, subject to early field
production performance, the drilling of a water injection well is planned during
2007 to optimise oil recovery. Estimated gross proven and probable recoverable
reserves for the field are currently 15.2 million barrels of oil. The initial
production flow rates seen at Goosander are in line with expectations and, now
that Goosander is on stream, the overall productive capacity of the GKA is
approximately 28,000 barrels of oil equivalent per day.



Dana holds a 50% working interest in the Goosander field, and in the oil fields
of the GKA as a whole, alongside co-venturer and operator, Venture Production
plc. Dana's current productive capacity from the GKA is therefore now
approximately 14,000 barrels of oil equivalent per day.



Tom Cross, Chief Executive of Dana commented:



'Achieving first oil production from the Goosander field delivers Dana's most
important development target for 2006. The Group now produces from a total of 12
oil and gas fields, with 11 of these in the North Sea. Dana's production
portfolio is continuing to build with our next two UK developments, the Enoch
oil field and the Cavendish gas field, already in progress offshore.'

Flamant going to be the next big bit of news - a bit of luck and a lot of oil please :-)

Superb news.

Share price motoring. I think Merrill Lynch had a short term target of 1350p - shouldn't take too long now !!!

Ian

Morgan Stanley have initiated coverage with an overweight stance and a target price of 1560p

Flamant news will move the price heavily though more so if good news (as little is factored into the current price and its a free carry)

broker comment helped to drive sentiment with Dana Petroleum up 95p at 1,315p, after the oil explorer was initiated as overweight by Morgan Stanley with a 1,560p target.

The US broker told clients that Dana is drilling for some 2.1 billion barrels of oil equivalent over the next three years that could increase its current asset base by 10 times and be worth up to around 4,100p per share.

Don't normally attach too much weight to broker notes but anywhere in a range from here to 4100p would be very nice, eh Steve?

Haven't seen the note so I don't know what (likely to be conservative) oil price the top figure is based on but right or wrong I intend to stay long for the ride. Has anyone mentioned the "unhedged" word here today?

Always nice to here the word unhedged edward :-)

btw i think it was an additional 4100p so would be a sp of 5400p :-)) (but id take 4100p)