Dana, Block 1-Mauritania

Hey Sailor Girl,
This Energy Africa Mauritania (EAM) reminds me of an octopus,its getting its tentacles into every thing even your precious Dana.

Aberdeen Press & Journal (UK): Dana Steps Up Oil Exploration Off Mauritania

September 12, 2002 8:04pm



Energy Editor ABERDEEN'S Dana Petroleum announced yesterday an accelerated exploration programme in the waters off Mauritania in West Africa

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Agreement has been reached with Energy Africa Mauritania (EAM) to "farm-in" to earn a 32% interest in Block 1.


As part of this agreement, EAM will pay for the accelerated exploration programme in Dana's three blocks, with the main focus on Block 1.


It is not being disclosed how much EAM is putting up, but Dana chief executive Tom Cross said it was "substantial".


The Aberdeen company said attractive prospects had emerged from two successful 2-D seismic surveys, and acquisition of a large 3-D seismic programme is now expected to begin before the end of the year. This should lead to the finalising of drilling targets by mid-2003.


Mr Cross said more than 40 prospects that "looked good" had already been identified across the three blocks.


Dana said that, as a result of its strategic farm-outs to Woodside in Block 7 and now EAM, it has significantly reduced its exploration costs and risk.


But it has still retained the majority of its stakes with large interests in Blocks 1, 7 and 8 - 48%, 51.43% and 80% respectively.


The three blocks cover an area equivalent to more than 150 North Sea blocks.


Dana said exploration off Mauritania was gathering pace.


The company's portfolio includes more than 50 oil and gas interests across four of the world's proven oil and gas regions, namely: Europe (UK and Netherlands), Africa (Ghana, Mauritania and Kenya), the Far East (Indonesia and Australia) and Russia (West Siberian Basin).


Dana produces around 6,000 barrels of oil per day, with about 70% of revenues coming from the UK.


Production is scheduled to treble to around 18,000 barrels per day next year and, by then, more than 90% of Dana's income will be from the UK.

From the below web site

http://hoovnews.hoovers.com/fp.asp?layout=displaynews&doc_id=NR20020913670.4_cb57000a9dd4e700.