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Dana Welcomes New Partners and Accelerates Exploration Programme Offshore Northern Mauritania

Source: www.gulfoilandgas.com 7/21/2004, Location: Africa

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Dana is pleased to announce that it has signed a farm-in agreement with Wintershall AG ("Wintershall") in respect of Block 8 offshore Mauritania. Under the terms of this agreement Wintershall will pay all of Dana's costs through to the end of the current exploration period. This will include the acquisition, processing and interpretation of a major 3D seismic survey. Wintershall will be assigned a 38.5% interest in the Block 8 PSC, and the partnership post assignment of the farm-in interest will therefore be: Dana 41.5% and Operator; Wintershall 38.5%; Hardman Resources 18%; and Roc Oil 2%. Roc Oil retains its existing option to acquire a further 3% interest from Dana after the drilling of the first exploration well on Block 8.

Operations have now commenced to acquire a 1,800 square kilometre 3D seismic survey in Block 8. The survey is being performed by PGS Exploration (UK) Limited using the high capacity 3D vessel M/V American Explorer and is expected to take approximately 60 days to complete. The objective of the survey is to identify drilling targets within a number of very large carbonate reef prospects highlighted by the existing 2D seismic data.

Dana is also pleased to report that following the recent Pelican gas discovery in Block 7, Woodside Mauritania Pty Ltd. ("Woodside") has exercised its option to become a coventurer in the Block 7 PSC. This option was awarded to Woodside in 2003, when it acted as drilling services contractor for the Pelican-1 well, as an incentive to achieve certain challenging drilling cost reduction targets. Subject to final audit of the Pelican-1 well costs, the interest earned by Woodside is expected to be 10% (the maximum possible under the terms of the option) with pro-rata contributions from all the coventurers. The future working interests in the Block 7 PSC are therefore currently expected to be Dana Petroleum 68.85% and operator; Hardman Resources 16.20%; Woodside 10.00%; and Roc Oil 4.95%.

Commenting on the news, Tom Cross, Dana's Chief Executive, said:

"Dana is pleased to be accelerating the exploration of Block 8 and to welcome Wintershall as a new co-venturer. The geology and therefore the exploration challenges in Block 8 are quite different to Dana's Blocks 1 and 7 to the south. We have therefore decided to take a more measured investment approach in Block 8 and bring in a partner whose experience in analogous areas of North Africa will benefit the joint venture.

We are also delighted to welcome Woodside to the Block 7 group. Woodside's success in its own operated blocks offshore Mauritania will provide valuable input to the future exploration of Block 7 and the appraisal of the Pelican discovery."


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