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

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.