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Date: Monday 12 May 2008

LONDON (ShareCast) - Oil and gas explorer Dana Petroleum has made a discovery in Block 210/24a of the East Rinnes oil field in the North Sea.

The East Rinnes discovery well, 210/24a-11z, was drilled to a total measured depth of 6,935 feet and encountered a full Brent reservoir sequence. Initial analysis of the data from the test drilling suggests that the East Rinnes oil is similar to the high quality crude discovered at West Rinnes and to that being produced by Dana at the nearby Hudson oil field.

The company’s next action will be to fully integrate and evaluate all the log, pressure, test and fluid data collected from the West Rinnes and East Rinnes wells. The company’s technical team will then re-map the two structures to determine the volumes of oil discovered in this region thus far and seek to determine the additional prospects for drilling.

“'Finding a second oil field in the Rinnes area is an important and valuable result for Dana,” said Tom Cross, Dana’s chief executive officer. “The West Rinnes and East Rinnes discoveries should lead to a substantial new oil development in this part of the North Sea and significantly increase the probability of success for a number of Dana's other prospects in the immediate vicinity, such as West Hudson, North Melville and South West Rinnes.”

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