Shares in Dana Petroleum Plc (LON:DNX) were up by more than 4% in trading this morning despite news that its 25%-held Storkollen exploration well, offshore Norway, had turned out to be unsuccessful. Separately, the company reported that it was well advanced in the drilling of two other wells in Egypt, where results are expected by the end of May.

At Storkollen, Dana's joint venture partner Det norske oljeselskap ASA, which operates production license 337, has completed the drilling of exploration well 15/12-22 with the semi-submersible rig Bredford Dolphin. The drilling objective was to prove hydrocarbons in Jurassic and Upper Triassic reservoir rocks and while the well proved very good reservoir development, the sands were not hydrocarbon-bearing with no hydrocarbons encountered in the Lower Tertiary either. Storkollen was drilled in the same block as the Storskrymten discovery made in 2007 and is in close proximity to the significant Greveling discovery made in 2009. It is now set to be plugged and abandoned.

Elsewhere, Dana said it was making progress in the drilling of both the 50%-held Bamboo prospect offshore in the Nile delta, and the 100%-held Lorcan exploration well in the North Zeit Bay concession in the Gulf of Suez. In addition, it said it expects the Anne Marie well in the Faroe Islands to commence drilling within the next month. Dana holds a direct 25% interest in the Anne Marie well, and Faroe Petroleum, in which Dana has a 27.2% stake, also holds a 12.5% interest. The Anne Marie well follows on from recent success in the UK West of Shetland area, including the two significant discoveries at Tornado and Glenlivet in the second half of 2009.

In April, Dana announced that it had made a "significant" gas discovery at the Platypus prospect in the UK Southern North Sea. The Dana operated 48/1a-5 well was drilled in a water depth of approximately 142 feet to a total measured depth of 11,048 feet, targeting a high quality Rotliegend age, Lower Leman prospect. The company is planning to drill 17 exploration wells during the course of 2010.

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