Dana farms into Faroes permit

Dana Petroleum (E&P) has joined the list of companies exploring offshore the Faroe Islands.

Offshore staff

TORSHAVN, Faroe Islands -- Dana Petroleum (E&P) has joined the list of companies exploring offshore the Faroe Islands.

Johan Dahl, the islands’ Minister of Trade and Industry, approved a 25% assignment of ENI's equity share in License 005 to Dana Petroleum (E&P). The drilling rig West Phoenix is preparing to spud an exploratory well on the Anne Marie prospect.

The transaction means that equity in the license is now distributed as follows:

ENI Denmark (Operator) 30%
Dana Petroleum (E&P) 25%
OMV (Faroe Islands) Exploration 20%
Faroe Petroleum/Føroya Kolvetni P/F 12.5%
Cieco E&P (Faroe) 12.5%.

Faroese oil and gas administration body Jarðfeingi also has decided to release data from Well 6005/13-1 on the William prospect, following a license relinquishment. More details area available from jfj@f.fo.



07/09/2010

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