Offshore staff

Dana Petroleum (E&P) Ltd. has signed a petroleum agreement for hydrocarbon exploration and exploitation in the North West Safi area offshore Morocco. The exploration phase of the eight-year agreement covers 6,540 sq km.

The decision to enter into the agreement followed the interpretation of 1,000 km of 2D seismic data acquired in 2004 under the terms of a reconnaissance license. This data, along with other geological studies, confirmed the hydrocarbon potential of the area, Dana says. The company is preparing to acquire a large 3D seismic survey over the area before exploration drilling in 2007.

Dana acquired its rights under the reconnaissance license in May 2005 through a previously announced transaction with Global Resource Holdings LLLP. Norsk Hydro Morocco AS operates the license with 48.75%. Partners include Dana Petroleum (E&P) Ltd with 26.25% and Moroccan state organization L'Office National de Recherches et d'Exploitations Petrolieres (Onarep) with 25%.

07/12/05