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?

RNS Number:3806K
Dana Petroleum PLC
31 March 2005


DANA PETROLEUM PLC

("Dana", "the Company" or "the Group")


Preliminary Results for the Year Ended 31 December 2004



Dana Petroleum, the independent oil and gas exploration and production company
focused on growth through international exploration and the development of low
risk production from the UK North Sea, reports its preliminary results for 2004.



HIGHLIGHTS



Record Operating Performance



* Average production increased to a record high of 18,608 boepd (2003:
17,270 boepd)

* Turnover rose 27% to #109.5 million (2003: #86.5 million)

* Operating profit climbed 43% to #48.8 million (2003: #34.1 million)

* Net profit and earnings per share increased to #22.4 million and 30.1p
respectively (2003: #19.6 million and 26.5p)

* Net Cash Flow from Operations up to #61.2 million (2003: #52.2
million)

* Gearing eliminated with net cash position of #20.5m at end 2004 (end
2003: net debt of #9.5m)

* Proven and probable reserves increased to 124.8 mmboe at end 2004,
representing 51% of the Group's total technically recoverable hydrocarbon
resources of 243.7 mmboe.

Comment made on other BB with regard to KBC note:

I see KBC have cocked up. In the article written bt Tony Alves, on 4th March, they quoted their FY eps 2004 estimate as 24.7p. In the small article written today comenting on the results, they quoted their own full year estimate as 37.7p. A mere 52% difference. DNX actualy achieved 30.1p

I have pionted this out to Mr Alves, who grudgingly listened and then commented, 4th March, hmm where did that number come from.

I wonder what they'll say when DNX make over 70m this year and 100m+ next year and just for good measure increase reserves by 500%

The way KBC comment on DNX makes me think that there is some History to the relationship.

Dana debt-free after record year

ALASTAIR REED


DANA Petroleum, the Aberdeen-based oil production and discovery firm, is on course to more than double in size during the next 12 months, after yesterday announcing record annual figures and the discovery of oil at another of its North Sea fields.

For the year to the end of December 2004, the company posted profits up 37 per cent at 43.6 million on turnover up 27 per cent at 109.5m. The robust figures also show that all gearing has been eliminated, giving the group a net cash position of 20.5m against last years 9.5m-worth of net debt.

Oil production rose from a previous high of 17,270 barrels of oil equivalent per day (boepd) to hit a new record of 18,608 boepd. According to chief executive Tom Cross, daily production has since hit 23,000 boepd, and is expected to reached 30,000 by the year-end.

AIM-listed Dana, which is in the process of moulding itself into a "predominantly North Sea and West African focused business" through the recent sale of most Russian and Indonesian assets, currently has ten fields on stream - nine of them in the North Sea.

An 11th - at Gadwell in the North Seas Greater Kittiwake Area - is due to come on stream next month, adding "at least a few thousand barrels per day". A further four North Sea fields are also scheduled to begin producing oil during the year.

In addition a further seven exploration wells are planned during 2005, including five in the North Sea and two in Mauritania and Kenya - each with potential reserves of more than 1 billion barrels of oil.

Cross also announced that Dana had discovered oil at its Melville prospect, close to the Hudson oil field in the North Sea, but said that it was too early to determine how much oil it contained.

In total, Cross said, Dana was targeting 1.2 billion barrels of potential reserves by the end of 2006 through 18 exploration wells - eight this year and ten in 2006.

"Melville is just the first of a large-scale programme," he said. "Those wells could take us from 124.8 mboe to at least 1.2 billion. We would only need a 10 per cent success rate to double our current size, so were giving ourselves a lot of shots at goal. If you also consider that weve had a 75 per cent strike rate so far, things are really looking quite positive indeed.

"Weve been building our assets very aggressively over the last few years, and in the last two years have more than trebled production. Its only been recently that weve started to see the impact on our bottom line," he said, adding that Danas acreage off West Africa and Australia now amounted to at least 650 North Sea blocks.

Unlike most oil companies, Dana does not hedge its oil prices, so has been able to take advantage of the recent surge in oil prices. According to Cross, Dane was only a few days ago able to sell half a million barrels at about $53 each, bringing in about $26.5m.

Shares in Dana, which have more than doubled in a year, closed up 6p at 542p having hit a new record high of 560p in early trade - giving it a market cap of about 400m.

Edmond Jackson: Dana Petroleum sweetened by oil find

Published: 09:40 Thursday 31 March 2005
By Edmond Jackson, Columnist

Dana Petroleum, the Mid 250 oil and gas explorer/producer in which I am a long-term shareholder declares 2004 figures that show the benefit of high oil prices.

Operating profit is up 43% to 48.8 million on turnover up 27% to 109.5
million.

Dana's percentage rise in average production is not highlighted and is a more modest 7.7% at 18,608 barrels of oil equivalent per day (boepd).

Another key percentage rise not highlighted is the addition in proven and probable reserves, which is a key measure of the value an 'E&P' company creates. Further down the statement says 7.9 million barrels of oil equivalent (mmboe) were achieved in 2004, taking the figure to 124.8 mmboe. This implies a percentage rise of just 6.75% (with total recoverable resources being 243.7 mmboe of which 51% was proven and probable).

Perhaps this is why Dana has sweetened today's results (whose date could not be confirmed) with an oil discovery at the Melville Prospect in the North Sea. The 210/24a-10 exploration well close to the Hudson oil field in the Northern North Sea has discovered oil, with preliminary analysis indicating a gross oil column of about 100 feet. Technical data will now be analysed to determine what is recoverable plus development options. Dana owns 26.6% of this well, with Amerada Hess (the operator) at 38.2% and CIECO at 35.2%.

Linked to profits growth, total net assets rose by 20% to 187.8 million.

Due to hedging, the average realised oil price during 2004 was $29.45 (despite higher oil prices) against $22.41 in 2003 and Dana's recent share price strength has been partly due to perception of $55 oil and the fair possibility of strong prices continuing. I note from the financial review that 'given the current strength of the company's cash position, and continued high world oil prices, no further commodity hedging has been committed, ensuring Dana is now enjoying full exposure to world oil prices.

After tax profits rose by 14% to 22.4 million, similarly earnings per share to 30.1p, with operating cash flow up 17% to 61.2 million. With the shares still finding buyers around 550p, (shares are currently up 19p at 555/557p, this means a prospective p/e in the mid teens. A market capitalisation or 430 million shows how investors are now inclined to lend Dana more optimism about its exploration programme than in past years.

It is a bit disappointing that management is today in Aberdeen instead of London, to elucidate its exploration programme, for it is genuinely exciting - with 17 exploration wells planned by end-2006 , targeting an unrisked total of 1.2 billion barrels of reserves. This year, five wells will be drilled in the North Sea, one offshore Mauritania and one offshore Kenya.

The first well in Block 1 of the Southern Mauritania/Senegal region will be drilled in the second half of this year, in one of two prospects 'each of which has potential to contain over one billion barrels of oil'. Offshore Northern Mauritania, seismic has been acquired for Block 7 and Block 8 in order to determine drilling locations for 2006. Offshore Kenya (where interest is growing, both among industry and City analysts) a first well is planned for late 2005. 'Excellent technical progress' was also made on the North Sea exploration portfolio during 2004, with important deals to boost Dana's interests in and around the Barbara gas discovery.

The programme looks attractive, although brokers have varied in their insights about potential upside - with Numis recently turning excited and initiating coverage with a 'buy' stance. Quantifying all this requires insight beyond today's statement, which I will try to acquire in due course, but do appreciate the aspect of guesswork. The overall realities of oil exploration tend to both thrill and dismay, relative to projections.

Production in the range of 22,000 to 24,000 boepd is targeted for 2005, according to the timing of projects, with over 30,000 boepd from 15 fields by end-2006. The implicit cash flows should underpin the exploration programme, but as usual a dividend is not proposed on the basis that value will be best maximised by re-investing cash for development. The directors say they will keep this policy under review.

Strong oil prices and Dana's exploration activity incline me to retain my holding, although a sense for a share price target needs further assessment.

Even though the oil sector is in fashion among investors I do not lose sight of oil shares being a portfolio hedge - both against political instability in the Middle East and wider corporate profits being hit by higher costs when oil prices are high

RNS Number:2147L
Dana Petroleum PLC
19 April 2005


Dana Petroleum plc
("Dana", "the Group" or "the Company")

First Oil Production from the Gadwall Field

Dana is pleased to announce that oil production has successfully commenced from
the Gadwall field. Initial rates are in line with expectations. Gadwall is
located in Block 21/19 within the Greater Kittiwake Area ("GKA"), in the Central
North Sea.

Gadwall is being developed as a sub-sea tie back to the Kittiwake platform
utilising a single producer/injector pair of wells. The discovery well on the
Gadwall field, 21/19-6, was originally drilled in 1996 and suspended for
subsequent re-use. The suspended well has now been completed as an oil producer
using the Sedco 704 rig. Following a period of early production, it is
anticipated that a water injection well will be drilled in the fourth quarter of
2005 to provide reservoir pressure support from early 2006 onwards.

Estimated gross proven and probable recoverable reserves for the Gadwall field,
in which Dana holds a 50% working interest, amount to 6.4 million barrels of oil
and 4.3 billion cubic feet of gas.

Tom Cross, Chief Executive of Dana commented:

"Gadwall becomes Dana's tenth producing field in the UK and eleventh for the
Group as a whole. Elsewhere in the North Sea, Dana is currently driving ahead
with four new field developments and expects to conduct appraisal drilling on a
further five fields before the end of 2006.

Overall, Dana has rigs contracted to drill six exploration and appraisal wells
in the North Sea in 2005. The first of these, drilled last month, discovered
the Melville oil field adjacent to the Dana operated Hudson oil field."

10 May 2005

Global Petroleum Ltd ('Global')

Drilling Programme in offshore Kenya

Woodside Energy Ltd (50% and operator in L5 and L7) has advised that due to a
worldwide shortage of suitable deepwater drilling vessels, it looks unlikely
that a drill rig will be able to be sourced in time for drilling in the 4th
quarter of the year. The high demand for deep water rigs is driven by the
increase in oil and gas exploration being undertaken around the world as a
result of high oil prices.

Woodside is actively seeking a drill rig for Kenya drilling and has indicated
the second quarter of 2006 as a likely drilling date of the first well which is
presently targeted to be in Block L-5.

Global has a 20% equity interest in Blocks L5, L7 and is fully carried for the
cost of two wells. Global also has a 20% equity interest two other Blocks, L10
and L11

RNS Number:7743M
Dana Petroleum PLC
26 May 2005


PRESS RELEASE


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

Dana Acquires Exploration Rights Offshore Morocco

Dana Petroleum is pleased to announce that it has acquired the rights of Global
Resource Holdings, LLLP in respect of a 35% interest in a Reconnaissance
Contract covering the NW Safi area offshore the Atlantic coast of Morocco. The
contract covers a large area spanning 6,645 square kilometres with water depths
ranging from 300 to 3,000 metres. The remaining 65% interest in the
Reconnaissance Contract, originally awarded in April 2004, is held by the
operator, Norsk Hydro.

Tom Cross, Dana's Chief Executive, commented:

"This new venture builds on Dana's strong exploration position offshore West
Africa where we already hold important interests across Mauritania and Senegal.
Being relatively under explored, offshore Morocco offers significant potential
which Dana is looking forward to pursuing in partnership with Norsk Hydro and
ONHYM, the Moroccan national oil company."

Gav

thats about it for the articles i have kept for DNX (excl broker notes which i assume youve seen)

Still waiting for my copy of this years full set of results. Date for AGM should ne known soon

also, the website is very helpful:

http://www.dana-petroleum.co.uk/

Gav

just emailed the company re annual report/the agm - got this instant responce:



Dear Mr xxxxxxxxx,

Thank you for your email. The Report will be available at the end of June. I will add your details to my list and send you a copy.


The AGM is being held on 28th July at The Marcliffe Hotel in Aberdeen starting at 10.30am.

Yours sincerely,

Sara Rounce
Communications Coordinator

Fundy,

Many thanks for the posts, most informative and helpful of you. Not been around much over the last few days so missed the recent action, looks quite strong here just now, as do a few others.

Had a decent look around the website, it's quite good and easy to use. Ordered my copy of the 2004 accs earlier this week and like you, was told later this month. Going to read through your posts and the RNS's in more depth this weekend. I do like what I see here though, and with the way the oil price is behaving just now it aint gonna do any harm for us oily's! :-)

Thanks again.

Gav

Fundamentalist
Thanks for all your latest research, very helpful.

Dana there she blows.

Gav / driver

vested interest - good to re read a lot of the info i had stored again.

nice to see the sp positive again, hopefully will stay strong in the run up to the agm

Dana Petroleum PLC
20 June 2005



PRESS RELEASE


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


Dana Increases Stake in Barbara Field Area and
Confirms Drilling of next 4 North Sea Wells


Dana Petroleum is pleased to announce a number of recent commercial tranactions
and operational events which have enhanced the Company's near-term North Sea
exploration and appraisal programme.


Firstly, Dana has agreed a farm-in with Shell U.K. Limited and Esso Exploration
and Production UK Limited, an ExxonMobil subsidiary. Under this agreement, Dana
will drill a well in an area of UK North Sea Block 23/16b into which the Barbara
gas-condensate discovery is mapped to extend. The well will appraise the extent
of the original discovery made by Dana and its coventurers with the 23/16c-8
exploration well in the neighbouring block. In return for drilling the well,
Dana will be assigned a 50% interest in, and operatorship of, the Barbara
extension-area within Block 23/16b.


Secondly, Dana has agreed a two-for-one farm-out to Endeavour Energy UK Limited
('Endeavour') whereby Endeavour will fund 40% of the cost of an exploration well
to test the Fiacre prospect in UK North Sea Block 23/11, which lies directly to
the north-east of the Barbara field. In return, Endeavour will be assigned a
20% interest in the Fiacre sub-area of Block 23/11, which specifically excludes
the mapped extension of the Barbara field into 23/11. Dana will therefore pay
40% of the Fiacre well cost whilst retaining a 60% interest in, and operatorship
of, the block.



Under the terms of the agreement with Endeavour, Dana has also been granted the
reciprocal right, effective until the end of 2006, to participate on a similar '
two-for-one' basis for up to a 20% working interest in Dana's choice of up to
two UK North Sea exploration or appraisal wells in which Endeavour has an
interest.



Both the forthcoming Barbara appraisal and Fiacre exploration wells will be
drilled as part of Dana's 2005 North Sea operated programme. The Bredford
Dolphin semi-submersible drilling rig has been contracted for this work with the
Barbara appraisal well expected to start in July. This will be followed by the
Fiacre exploration well and subsequently, the Clachnaben exploration well in
Block 211/22a, in which Dana built a majority interest earlier this year.



A further exploration well has also been approved in the Netherlands sector of
the North Sea, to test the E18a-DF prospect. This well will follow completion
of the adjacent F16-E gas field development which is now due on-stream in
October 2005, some two months ahead of schedule.



Tom Cross, Dana's Chief Executive, commented:

'The four North Sea wells we have confirmed today follow on from the Melville
oil discovery, drilled in March. In addition, an appraisal well is being
considered on the Wagtail discovery, in the Greater Kittiwake Area, towards the
end of the year. We therefore anticipate drilling a total of six North Sea
exploration and appraisal wells in 2005, targeting some 50 million barrels of
reserves net to Dana.'

14/6/05
numis securities lift its's projections for oil group dana petroleum (dnx.l)
it expects the company to beat it's previous forecasts so it has raised eps for the current from 56p to 63.70p and 2006 forcasts have increased from 95.3p to 116.5p
end

Thanks for the posts Fundy, a good RNS this morning. Thats a decent raise on eps forecasts from Numis. Im sitting here just now waiting to see what happens to the sp after the sharp run up its had recently.

Gav

yep another decent rns

the 2006 forecast is a forward forward pe of less than 6 for a cash generative growth company!!!

if you look at the chart over the last few years, it would indicate a pull back prior to another run up towards the agm at the end of july - been tempted to partially trade it but decided just to leave it put and worry about it later :-) its worked ok as a theory so far

Yep Fundy, totally agree with everything you say. As far as cash generation goes, companies like this will be sitting on bags of cash over the next few years. If I was in your shoes, I wouldn't be trying to trade this, would just sit back and let it run. (In saying that I'm assuming you would be aholder over the next few years) From my point of view and not holding just now, Im trying to time an entry here.

Gav

got approx 10k in the isa where theyve been for several yrs and have no intention of selling them for certainly a few years and maybe even more - as long as the valuation looks cheap and the reserves are strong im happy to hold

Fundy,

I take it you saw the lastest KBC note on some oils dated 22/6? Email me if you've not and you want a copy. Its only brief but gives core NAV for DNX at 30,40 and 50 oil price. It gives core NAV of 461, 620 and 776. It doesnt mention anything about oil over $50. :-)

ttt