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?

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.

o1lman - you also know me as poo bear by the way.

Thanks for that, I read over on HC that Ching one development well may not be fixed this year after all due to a lack of suiteable equipment. That from an unsubstantiated broker report but from a good poster.

I have to say I think Mauritania is no where near as good as we thought it would be.

With all this geological information available, all we are getting over the last 2 drill campaigns are basically duds.

Even the propect of gas nearby which they can't locate is not much good really.

Flamant was the one to make LNG viable in Mauritania, so now what?

I got out of Hardman yesterday and I too am pleased and relieved at that result, or we would have been severely punished today.

Dana is good whatever, I just think Mauritainia is not!

But I'm no expert, just your averarge or less than average punter so take what you willfrom what I write and bin the rest.

Lots of information to digest this am

On the minus side
Headline profit figures lower than expected
Foreign exchange losses
Production probs in first half (av 18,408 boepd)
Effective tax rate

On the plus side
Production probs all sorted and current production at over 30,000 boepd
strong cash flow delivery (and cash in hand)
Gaz de France swap deal completion
New moroccan swap deals
34 E&A wells before end of 2008
Still unhedged so receiving full benefit of oil price
On target for 40,000 boepd by end of 2007
Continued strengthening of balance sheet

.

Driver,

What is your post?

Ray A
No post, a poster called dai oldenrich high jacked all the threads earlier today so I was just putting this B/B at the top where it should be.

Hardman says drilling started on Aigrette-1 well, offshore Mauritania
AFX


LONDON (AFX) - Hardman Resources Ltd said drilling started on Oct 7 on the Aigrette-1 exploration well in Block 7 offshore Mauritania, West Africa.

The well has so far been drilled to 1,838 metres of its planned total depth of 4,925 metres.

Dana Petroleum is operator of Block 7 with a 36.00 pct stake, Gaz de France holds 27.85 pct, Hardman has 16.20 pct, Woodside Petroleum holds 15.00 pct and Roc Oil Co a 4.95 pct holding.

MAURITANIA DRILLING UPDATE

http://moneyam.uk-wire.com/cgi-bin/articles/200610090700131405K.html

any press comment re yesterdays rise??
it was picked on http://www.chart-breakouts.co.uk
but apart from that i can't find anything.