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Dana Petroleum (LON:DNX.L) report:Interim results

August 27, 2010, Friday, 16:33 GMT | 11:33 EST | 21:03 IST | 23:33 SGT
Contributed by Daniel Stewart & Company


By Daniel Stewart & Co

 

- H1 income was ?185.7m, pre tax profit ?82m, cash generated from operations ?191.5m, net income of 31.4m, EPS 33.68p


- The company has net bank debt of ?8.6m, convertible debt of 121.8m abd a new bank facility of US$900m


- H1 production averaged 37,215b/d. Production guidance for the group before the effects of the Petro Canada Netherlands (PCN) acquisition remains at 37,000 – 41,000BOE/d. Its 2010 exit rate is estimated to be 51,000BOPE/d. PCN 2010 average production is c. 10,700BOE/d


- Currently drilling two wells and six further wells planned for the remainder of 2010. Up to 15 wells already planned for 2011 with key wells offshore Guinea, Nile Delta, Egypt, Norway and Morocco