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Date: Friday 29 Aug 2008

LONDON (ShareCast) - Oil and gas explorer Dana Petroleum posted record interim results as it benefited from its unhedged oil and gas position, which maximized the benefit from the strong commodity prices.

Pre-tax Profit for the half year surged 138% to £133 as turnover increased 188% to £314.5m. It saw record first half production of 43,147 barrels of oil per day (boepd), up 67%.

The group said production for 2008 is on target to average between 40,000 and 45,000 boepd, representing more than a 30% growth over 2007.

Dana is now producing from 30 oil and gas fields and undertaking three new field developments, which will come onstream from 2009. In addition, it is working on a further 21 appraisal and potential development projects.

“The company is in a very strong financial position, significantly benefiting from high commodity prices and our unhedged position,” said the group.

“With a high quality and balanced portfolio of growth opportunities and an exciting drilling programme ahead, we have every reason to look forward to the future with confidence,” it added.

No dividend was proposed.

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