Dana Acquires Exploration Rights Offshore Morocco

Source: www.gulfoilandgas.com 5/26/2005, Location: Africa

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."


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