grahamsteel1974
- 11 Nov 2003 21:55
Interim's very impresive:
T/O trebled, PBT +9 times
Share price is static at 227 but NAV is about 310
Fundamentalist
- 13 Apr 2004 09:42
- 23 of 23
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.