dana announcement ?, page-16

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Dana Petroleum Discovery "Highly Relevant"

Tuesday, December 06, 2005 4:08:09 AM ET
Dow Jones Newswires

0745 GMT [Dow Jones] Dana Petroleum's (DNX.LN) Faucon-1 exploration well has encountered hydrocarbon bearing sandstone within the main Cretaceous age target horizon. "This is potentially highly relevant for Dana (36% interest)," says one analyst. "If the prospect is as big as the company previously predicted, it could be worth 180-240p/share." Expects more details will become available in one-two weeks time, once the well is completed. "The short-term impact should be to limit price falls after the negative UK budget statement yesterday (Mon)." Notes Tullow Oil (TLW.DB) also has a stake (20%), "although it's less relevant given its much larger market cap." Dana closed at 891p. (SMT)