Dana Petroleum Jumps After Mauritania Well Finds Hydrocarbons Dec. 6 (Bloomberg) -- Shares of Dana Petroleum Plc had their biggest jump in almost four years after the U.K. oil and gas company said it found hydrocarbons at the Faucon-1 exploration well drilled off the coast of Mauritania.
The shares soared as much as 119 pence, or 13 percent, to 1,010 pence, their largest increase since Dec. 31, 2001. The stock traded at 986 pence as of 10:12 a.m. in London. Dana will say more about the size and type of the hydrocarbon discovery after tests at the site, the Aberdeen, Scotland-based company said today in a release on the Regulatory News Service.
Dana owns 60 percent of the Faucon-1 well and is the project operator. Tullow Oil Plc, a U.K. oil and natural gas explorer, owns 32 percent. Its shares today climbed as much as 4.6 percent to 272 pence in London.
Dana last month agreed to give Gaz de France SA a 24 percent holding in the well as payment for stakes in two producing U.K. North Sea gas fields and an Egyptian concession.
Australian oil company Hardman Resources Ltd., which owns 18 percent of the well and whose shares also trade in London, surged 8.8 percent to 86.5 pence.
Roc Oil Co., another Australian oil company, owns 2 percent.
HDR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
