Sunday 25 February 2018

Dana shares soar after gas find

DANA Petroleum Plc, an oil and gas explorer once listed on the Irish stock exchange, said it made a "significant" gas discovery at the Platypus prospect in the North Sea.

The well, drilled in 43 metres of water and extending to a total depth of around four kilometres, contains about 130 billion cubic feet of gas, the Aberdeen-based explorer estimated. During drilling, the company encountered "good quality" gas-bearing sands.

Dana shares rose as much as 3.7pc in London trading.

The company owns a 45pc operated interest in the Platypus find and is already producing gas from other fields in the area, including its Johnston, Victor and Anglia fields.

The explorer holds positions in more than 100 exploration and production licenses off the coast of Europe and Africa.

The discovery "significantly improves the potential for further exploration in the block, including the adjacent Possum prospect," chief executive officer Tom Cross said yesterday.

Shares in Dana had performed poorly last year after a slew of disappointing results but they rose last month after Goldman Sachs said that predators may be circling the company.

Irish Independent

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