Dana Petroleum Plc (LON:DNX) provided an update today on their drilling program and forward plans for the coming months.
In Egypt, the Bamboo well, of which Dana has a 50% working interest, was spudded. At teh RAD-3x well off shore the gulf of Suez, Egypt, drilling is now complete. Unfortunately however the company did not encounter the anticipated reservoir here and the well has been plugged and abandoned. The financial loss of this operation for Dana was USD$5m. The company said it plans to drill 2 wells in the North Zeit Bay concession, onshore Gulf of Suez in Egypt and 2-3 wells in the East Beni Suef concession, onshore Western Desert Egypt, in the first half of this year.
In Norway, at the Storkollen well, of which Dana has a 25% working interest, is scheduled for spudding in early March 2010. Storkollen is located close to the Storskrymten and Greveling prospects, discovered in 2007 and 2009 respectively.
The company expect the Anne Marie well in France to start producing in early April. Dana owns 25% of the well, through a farm-in option previously agreed with Eni. Faroe Petroleum, in which Dana has a 27.2% stake, also holds a 12.5% interest in Anne Marie.
In the UK, Dana is using the Labrador rig to drill the Platypus well, of which Dana has a 45% working interest. The company expect the well to spud very soon. The Labrador rig will then be moved to drill at Monkwell (Dana: 40%), and then onto Eon Ruhrgas who will operate the drilling of the Tolmount well (Dana: 45%). According to the report, Dana has recently agreed a farm-out of its initial 100% interest to Eon Ruhrgas for a carry of a proportion of Dana's well costs.
In addition, the Company will shortly spud the K3-4 well (Dana 2.95%) in the Dutch sector of the North Sea.
Tom Cross, Dana's Chief Executive commented on Dana’s plan to drill 17 exploration wells during 2010,
"Dana is drilling a broad and balanced portfolio of 17 exploration wells in 2010. These targets have significant potential and could add oil and gas reserves equivalent to approximately 40% of Dana's current booked reserves, on a risked basis. Dana has already announced an important discovery this year at Papyrus, offshore Nile Delta,…
