Dana obtains free carry through Australian exploration drilling

Dana has won a 3-for-1 farm-out deal to be free-carried on all costs relating to testing the Fiddich prospect on exploration license WA-226-P offshore Western Australia.

Dana has won a 3-for-1 farm-out deal to be free-carried on all costs relating to testing the Fiddich prospect on exploration license WA-226-P offshore Western Australia.

Well operator Apache Energy, with a planned spud date of May 2004, has contracted semisubmersibleSedco 703. License operator Origin Energy has estimated mid-case reserves potential of the Fiddich prospect at 60 MMbbl with an upside case of 100 MMbbl.

Dana has farmed-out to a subsidiary of Australian independent Voyager Energy Ltd., an existing co-venturer in WA-226-P. Under this agreement, Voyager will earn a 10% interest in the license by paying all costs associated with Dana's current 30% interest from Jan. 1 through to completion of operations on the well.

02/16/04

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