Dana deepens Faucon-1

Progress on the Faucon-1 discovery, offshore Mauritania, suggests a combination of gas and light oil or rich liquids.

Dec 14th, 2005

Offshore staff

(West Africa) - Dana Petroleum has issued an update on its Faucon-1 exploration well in deepwater block 1, offshore Mauritania, which has discovered hydrocarbons.

The well has been deepened to 3,674 m, and following indications of increasing pressure, a 7-in. liner will be run.

The casing string has been cemented into place and the block partners are preparing to drill a 6-in. hole to the planned total depth of 4,237 m.

Logging over the Upper Cretaceous interval suggests the presence of two hydrocarbon-bearing sandstones, around 500 ft apart.

The lower sandstone has a gross thickness of 130 ft, the upper 33 ft of which appear to contain a light oil or liquids-rich gas condensate.

The upper sandstone, 13 ft thick, appears to be gas-bearing. However, laboratory analysis of fluid samples will be needed before the hydrocarbon composition can be finally determined.

12/14/05

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