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Dana shares hit record high on strong results

Dana shares hit record high on strong results
Dana Petroleum shares rebounded yesterday after it reported new records for reserves, production, revenue, and profits in 2007.

Dana Petroleum shares rebounded yesterday after it reported new records for reserves, production, revenue, and profits in 2007.

The Aberdeen company’s shares climbed 39p to their highest close of £17.29 after it posted strong results.

Only a week ago Dana’s shares hit a record £16.57 when it announced the West Rinnes oil discovery in the UK North Sea.

Dana said yesterday its proven and probable reserves had increased to 165.8million barrels of oil equivalent (boe) at the end of 2007 from 130.6million a year earlier, with oil and gas reserve additions representing a replacement ratio of 316%.

The company also said it had delivered record oil and gas production of an average 30,514boe per day in 2007, up 37% on the year before, while ending the year at a daily production rate of more than 45,000boe. Output for 2008 is expected to be in the range 40,000-45,000boe per day.

Chief executive Tom Cross said: “The group is now producing from 30 oil and gas fields, progressing three new developments which are due on stream from 2009, and working on a further 21 appraisal and potential development projects.

“2008 will be the most active year of exploration in Dana’s history. A total of 17 wells are planned, focused on the UK, Norway and Egypt.

The company is in a very healthy financial position with a broad portfolio of growth opportunities.”

The company said the exploration programme will target potential reserves of about 1.4billion barrels net to Dana over the next two years, the company said.

Meanwhile, Dana announced approval of development plans by the partners in the Babbage gas field, one of the largest undeveloped fields in the UK. The company has a 40% stake in Babbage, Eon Ruhrgas has 47% and is operator, and Centrica has 13%. It said first gas was planned for early 2010, and the project would strengthen its position in the UK southern North Sea.

Dana reported pre-tax profits up 48% on the year before to £143.3million and revenue 45% higher at £311.5million, with earnings per share up 50% to 72.17p.

The Canadian oil and gas operator, which is strongly represented in the North Sea, saw profits from operations in the quarter soar 76% to £238million.

Talisman said it earned £233million in the period against £260million the year before, when it was able to book profits on disposals.

It said oil and gas production from properties in the North Sea, North America, and south-east Asia, fell 11% on a year earlier to 419,000 barrels of oil equivalent per day, again because of non-core asset sales plus planned shutdowns in the UK.

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