International Exploration Update
Dana is pleased to provide an update on its international activities which are
focused on high impact exploration in Africa.
Offshore Mauritania, the Stena Tay drilling rig is now on location in Block 1
and has commenced drilling operations on the Faucon-1 well, the first of a
number of higher-risk but potentially transforming wells which Dana intends to
drill on its operated Mauritanian acreage over the next few years. The Faucon
prospect is a Cretaceous age channel system sealed against a salt diapir with
the potential to contain over one billion barrels of oil in place. Planned
total well depth is 4,200 meters below sea level which is expected to be reached
in approximately 30 days. Following completion of the recently announced
exchange agreement with Gaz de France the partners in Block 1 will be Dana 36%
and operator, Gaz de France 24%, Energy Africa (a subsidiary of Tullow Oil) 20%,
Hardman Resources 18% and Roc Oil 2%. All of Dana's costs in the Faucon-1 well
being carried by Gaz de France.
HDR
hardman resources limited
