Dana Petroleum Acquires Interest in Danish Licence from PA Resources

Dana Petroleum has acquired 40 per cent equity in the Danish 12/06 licence from PA Resources and will assume operatorship from 1 June. PA Resources retains a 24 per cent interest in the licence.

Following on from the transfer of operatorship, Dana plans to drill an appraisal well on the Lille John oil discovery in the fourth quarter of 2014.

The licence is located near existing Dana operated licences in the Netherlands; the F02a producing licence containing the Hanze oil field and Pliocene (shallow) gas field and the F06 exploration licence.

Dana’s Netherlands Managing Director Nick Dancer said: “I am delighted we have now formally acquired our interest in this licence from PA Resources and we will work with them to ensure a smooth transfer of the operatorship. We look forward, with the partnership, to the drilling of the Lille John appraisal well towards the end of the year.”

Dana will also acquire 56 per cent equity and an option for operatorship of the German B20008-73 licence from PA Resources (PAR) UK Ltd. This is currently proceeding through the regulatory approval process. This transaction will result in Dana acquiring up to 32 MMboe of contingent and prospective risked resource on a net basis.

Press Release, May 15, 2014

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