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?

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)

Dana Petroleum PLC
15 August 2006

Tuesday 15th August 2006



PRESS RELEASE

DANA PETROLEUM PLC ('Dana' or 'the Company')

Two New North Sea Discoveries Deliver Strong Oil & Gas Flows

Dana Petroleum is pleased to report the flow test results from its two latest
North Sea exploration wells, which have made important oil and gas discoveries
in the UK and Netherlands respectively. The Company's North Sea strategy
includes near term development projects which accelerate cash flow, complemented
by low risk exploration for oil and gas which can be brought into production
swiftly if successful.



In the UK Northern North Sea, flow test results from the East Causeway well 211/
23d-17z have proved extremely encouraging. The well was drilled horizontally
through the Middle Jurassic Brent Group of sandstones, intersecting several
reservoirs in the Ness and Tarbert Formations in two separate fault blocks. The
western fault block tested at a stabilised combined flow rate of 14,500 barrels
of oil per day (bopd) from the Ness and Tarbert formations.



The initial test on the Tarbert sands flowed high quality, light sweet crude oil
at stabilised rates of up to 7,000 bopd. The crude oil gravity is around 32
degrees API with a low gas oil ratio. A second test, performed on the Ness
Formation, flowed at stabilised rates of up to 7,500 bopd with the oil being of
similar high quality to that recovered from the first test. It is pleasing to
report that no water was produced during the tests from either zone.



The East Causeway well also intersected Brent sandstone intervals in the eastern
fault block, which had previously been drilled by the suspended well 211/23b-11
and flowed at rates of up to 8,100 bopd. Flow rate and pressure data from all
the reservoir tests will now be analysed to assess the full productivity and
reserve potential of both the neighbouring fault blocks. The East Causeway well
will be suspended for use as a potential future oil producer pending development
decisions, including the possible integration of this new discovery with other
existing oil discoveries in the area.



In the Dutch North Sea, the E18-6 well has also been successfully drilled and
flow tested. As predicted, a good quality reservoir interval was encountered in
the Lower Slochteren sands and this flowed at a rate of approximately 45 million
standard cubic feet of gas per day (mmscfpd). The gas discovered here was of
similar quality to that recently developed in the neighbouring F16-E gas field,
which was brought onstream in 2005 and in which Dana also holds an interest.
This latest discovery has encouraged the group to consider the drilling of an
appraisal well in a fault block further to the west of the current well. This
could prove up even more gas volumes before developing the area as a tie-back to
the F16-E platform.



Following the successes at East Causeway and E18-6, Dana is continuing its 2006
North Sea programme with appraisal drilling now underway on the Babbage gas
field in the UK Southern Basin. This Babbage well is targeting a crestal area of
the structure 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.



Commenting on the news, Tom Cross, Dana's Chief Executive said:



'We are highly encouraged by the test results from the East Causeway and E18-6
wells and look forward to accelerating our technical work on these areas to
deliver potential new field developments. North Sea exploration is a key part of
Dana's strategy and these value-adding oil and gas discoveries in our core area
provide further growth opportunities as we seek to build upon Dana's current
portfolio of 12 producing fields.'

Mauritania: exploration drilling update - Block 8

The Atwood Hunter drilling rig spudded the Flamant-1 well offshore Mauritania in
Block 8, at 1:15am on 11 August 2006. Over the last 48 hours a pilot hole has
been drilled to a total depth of 1,905 metres to check for shallow gas and
preparations are now underway to drill the main well bore.

Flamant-1 is targeting a large Cretaceous Carbonate platform/reef prospect in an
area of different geology to the rest of the offshore Mauritanian basin, which
holds significant potential, primarily for gas, and is recognised as the best
test of a large regional high with both primary and deeper secondary objectives.
Water depth at this location is approximately 1,400 metres.

Equities in Block 8 are:
Block 8
Dana Petroleum (Operator) 41.5%
Hardman Resources Ltd 18.0%
ROC Oil Company 2.0%
Wintershall 25%
Gaz de France 13.5%

Times and dates for Mauritania wells refer to GMT (Mauritania time), 8 hours
behind Western Standard Time, Perth.

More good news flow this am though clearly the flamant results are going to be key to the SP in the short term

On all accounts Bridgewell downgraded DNX this am

whatuwant

the 3 yr chart is even nicer :-)

3 bagger - nice !!

Not holding myself but am looking for a solid O & G play......

whatuwant

dnx has been core holding for me for quite a few years, most purchased at just above 200p with various top ups along the way

take a look at the fundamentals because they are very strong and there is a lot of drilling news due this second half of the year. Last yrs results (and this yrs interims) give good detail of the growth the company is undertaking.

these have always been a long term hold for me and will be for a few years at least i expect, mainly due to the balance they have between exploration and production and a solid management team. the current production side all but underpins the SP so most of the exploration is "in for free" currently, they also have the benefit of bieng completely unhedged on the oil price (so are getting full value for the recent price rises)

Could you please give me a brief synopsis of the news due for the rest of 2006 and maybe the start of 2007.

I am researching DNX now but it is slow progress.

TIA.

Fund
I see you have been busy on here or dnx have still finding more oil, still holding and happy to do so.

Any views on the Mauritanian Energy Ministry messing with the Production Sharing Contracts ( PSC ) in which DNX are involved ?

whatuwant
fund is the expert on this stock he holds and follows the news I just hold and see 20 soon I hope.

Comparison with Burren, Socco & JKX:

Please correct me if I have left something out:

North Sea Production & Development forth coming news:

* Goosander - 1st Oil Q3 2006
* Otter - 2 well work overs in progress since April 2006
* Cavandish - Commence production Q4 2006

whatuwant

upcoming news:

verification of the asset exchange deal with gaz de france
drill results from Flamant (potential for gas in place exceding 6 trillion cu ft)
jv exploration in Kenya with Woodside (pomboo L5 and Sokwe L7 - both potentially over 1 bn boe)
production to come on stream from cavendish and enoch (north sea)
7 additional new north sea fields being targeted (monkwell, barbara, babbage and gunn - gas, melville, grouse and christian - oil)
large amounts of infill drilling in north sea
faucon drilling in mauritania


this is not a conclusive list, from the last set of results, a total of 40 wells are planned by the end of 2008

whatuwant

Goosander has already come on stream (see RNS 8/8/06)

Driver

thanks for the compliment, but im by no means an expert but do follow the news closely - 20 would be nice mid term :-)

Thanks Fund - I am only going through the Website at the moment, will check results & news this afternoon.

Afternoon all,

I don't normally follow DNX - which is why I'm mortified to find that this has bounced 50% in the last couple of months and I missed it!

I thought today's drilling news from the North Sea looked particularly encouraging, given the potential worth of the oil recovered and was slightly surprised to see the SP dip as in many cases one would view the additional production as being company-making.

Am in HNR since I changed my view to "Buy" last week and am hoping for success on Flamant and Faucon, etc. Good luck to all DNXers.

ST.

ST

thanks for your good luck wishes, tend to keep and eye on HNR also.

the rise from the low is impressive, though a lot was recovering the overreaction on the downside when the markets stalled earlier this yr. dnx is certainly a good one to have tucked away with the forthcoming drilling program and with production due to be doubled by 2007

i guess were prob 2 or 3 weeks away from flamant news now - fingers xxx'ed