Dana provides Rinnes update

Technical evaluations and re-mapping are underway on the West Rinnes and East Rinnes wells in the North Sea, according to Dana Petroleum.

Offshore staff

ABERDEEN, UK -- Technical evaluations and re-mapping are underway on the West Rinnes and East Rinnes wells in the North Sea, according to Dana Petroleum. Current estimates of the recoverable oil reserves in the Rinnes area are in the range of 50-60 MMbbl of oil, depending on the assumptions used for development scenarios, the company says.

The company has identified further prospects in the area and has secured the rigStena Spey to drill South-East Rinnes in late 2008 and the Byford Dolphin to drill South-West Rinnes in early 2009. According to Dana, each structure has pre-drill reserve estimates of 10-15 MMbbl.

Including the Rinnes discoveries, the Melville field, the two near-term Rinnes prospects, and remaining reserves in the Hudson field, the total reserves potential in this Dana-controlled area is in the range 75-105 MMbbl, the company says.

Dana's partner in the area has approved the accelerated exploration program and will participate in the forward drilling. As a result, Dana's interests in the SE and SW Rinnes wells will be 65%.

09/02/2008

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