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?

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

this post is for those who don t follow Dana closely.
The present well being drilled (Flamant) has already been surveyed (by Offshore Hydrocarbons Mapping) and Dana know that there is something down there.
Most probably Gas Condenstate, it now depends on how much there is.
Dana said this could be a company changing well !!
They also said this about the last well, same set up, contained gas condenstate but not enough to be either company changing or could be only be of any value if another find close by. Interesting a big trade went through last night at above market price. Anyway we will soon know.
best regards

Id guess still a couple of weeks away from drills results on flamant.

surprised not to have heard anything more on the Gaz de France asset swap deal as in effect this has to occur before the drill results if it is to proceed

funda
yes towards the end of next week (unless there any more problems) you should know if there is anything worth testing
best regards

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


SUCCESSFUL APPRAISAL OF BABBAGE GAS FIELD



Dana Petroleum is pleased to announce the successful appraisal drilling and flow
testing of the Babbage Gas Field in the UK Southern Gas Basin.



The Babbage appraisal well, located in North Sea Block 48/2a, was designed to
target a crestal area of the field with a view to proving up both gas reserves
and productivity in order to proceed with development of the field. The well was
spudded on 16 July 2006 and drilled vertically to a total depth of over 11,000
feet. The well encountered gas throughout a substantial, Leman sandstone
section and was flow tested at a rate of 10.7 million cubic feet of gas per day,
without the need for stimulation. The well will be suspended at the seabed and
kept for use as a future gas production well in the field's development.



The Babbage field is located within a short distance of the Ravenspurn North and
Hoton gas platforms, and the CMS and ETS pipeline systems. The close proximity
to established infrastructure provides a range of attractive development
options.



Dana holds a 40% interest in Block 48/2a, with partners E.ON Ruhrgas UK North
Sea, 47% (operator), and Centrica Resources, 13%.





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



'The results of this well are highly encouraging and have therefore led the
joint-venture group to begin development studies. The partnership has already
secured a rig for further drilling and is progressing discussions with a number
of host infrastructure owners. Dana looks forward to working with its partners
on the development of what is now thought to be one of the largest undeveloped
gas fields in the UK North Sea.'

MAURITANIA DRILLING UPDATE


PAGES: 1


Hardman Resources Limited ('Hardman') provides the following update on its
exploration drilling operations:

Mauritania: Exploration Drilling Update - Flamant-1 (Block 8)

Since the company's last report on 12 September 2006, the Atwood Hunter has
drilled the Flamant-1 exploration well to a depth of 3,299 meters. Current
operations are preparing for wireline logging.

Flamant-1 is located in 1,414m of water approximately 210km from the shore and
195 km North-West from the Pelican-1 gas discovery in Block 7.

Maybe this news will take some of the attention away from the shares Tom Cross is due to receive in exchange from reducing his 2 yr contract to a 1 yr contract (which the large pension associations are trying to oppose). Personally have no problem with the award based on the SP performance Cross has delivered over the past few years

Fund
Good news should see us above the 12 again soon.

Wouldnt expect a great deal of SP movement (except for tracking oil price) until the Flamant results are released

Fund
Cheers

Interims thursday 28th

judging by the volume and price movement in Hardman (partner in Flamant) today the news should be good. It does not normally take three days to test for nothing. Heres hoping

the price and volume movement in Hardman 21/Sep was not due to Flamant but takeover activity. I still think the news will be positive.

o1lman - one point I would ask you is, as the preliminary results of Flamant are probably know by now, can we not assume that it is most likely not wonderful after all?

Sorry about the way I have phrased that, poor English.

Perhaps Dana are in the process of selling their Mauritanian interests. This could possibly explain the absence of news regarding Flamant and GDF.

seawall

An anaylst said (regarding Hardman) that the result for Flamant was due soon, and shareholders (of Hardman) would wait for the results before accepting the offer.
I personally think that if the news was poor the drill-ship would have moved on to the next location by now and this would have been announced.
The anaylst was wrong because I sold my shares this morning but still hold Dana
Best of luck

No significant htdrocarbons in Flamant :-(

rig moves onto Aigrette

seawall
you were correct, I have been a very lucky boy with the Hardman bid coming in at the right time, otherwise I think I would be sitting on a large loss at this moment!!
heres hoping for Aigrette, though I read today that an analyst had only pencilled in Flamant at 10p per share if it was commercial.