IMS - May 2010

Tuesday, May 18 2010 by
3

Published this morning.

RNS here


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  Is Dana Petroleum fundamentally strong or weak? Find out More »


4 Posts on this Thread show/hide all

emptyend 18th May '10 1 of 4
4

This is quite a useful form of comment for companies to add in their RNSs:

Dana estimates it has added 15-18MMboe of oil and gas resources, net to Dana, through exploration drilling to date in 2010.

Interesting to see that the block 7 target in Mauritania is a huge gas prospect, rather than an oil leg to Pelican:

Dana now expects to drill 18 wells in 2010, with the recent addition of the Blackbird appraisal well in the Ettrick oil area. Anne Marie, in the Faroe Islands, is expected to spud next month. The Company is also pleased to announce it has secured a new build semi-submersible Maersk rig to drill in Block 7, offshore Mauritania. The rig has been secured as part of a joint programme with Petronas who will drill in the neighbouring Block 6. Cormoran, a 2-3Tcf prospect, is expected to spud in Q4 2010.

Overall rather more positive than some other recent DNX RNSs, especially given that production is in line with guidance (which was sometimes an issue for the market in 2009 - rightly or wrongly)

ee

 

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xxnjr 18th May '10 2 of 4

In reply to emptyend, post #1

The Holy Grail presumably being to get to 4TCF to 5TCF of reserves on block 7 for an LNG development. Does anyone recall the size of the existing Pelican discovery?

xx

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emptyend 18th May '10 3 of 4

In reply to xxnjr, post #2

Well they were carrying 359bcf and 24mn boe in "other international" resources at the start of 2009 - so I guess that is Pelican plus Aigrette and Faucon net....... so it suggests that Pelican may be in the region of 0.5TCF gross (since DNX have 36%). There may have been a more accurate/specific indication given at the time?

ee

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xxnjr 18th May '10 4 of 4
2


"Dana estimates 1130 Bscf GIIP with 780 Bscf recoverable [for Pelican], which we classify as Contingent Resources. The upside GIIP is 1605 Bscf with 1130 Bscf recoverble. Pelican alone is believed unlikely to yield commercial volumes and further discoveries will be required to obtain sufficient gas to commercialise this resource."

That was from the RISC assessment of HDR's reserves at the time of TLW's offer for Hardman Resources a few years back.

xx

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