AGM presence identified confident view of some who should know that true values is nearer 500 taking into account all known reserves. Today might be the start of the move .........hopefully.

As a Dana shareholder I find it difficult to
understand a 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.

2 of the directors have made significant share purchases recently as well, and PE is very low for the sector.