First Production From Babbage Gas Field

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11 August 2010

Dana Petroleum is pleased to announce that first gas production has successfully commenced from the Babbage field, located in block 48/2a some 80 kilometres off the UK coast in the Southern North Sea, where Dana holds a 40% interest.

The Babbage field development was approved by the UK authorities in 2009 and is being executed in two phases. The total investment in the development of the Babbage field will amount to around £300m.

Phase one has included the installation of the Babbage platform in September 2009, the drilling of three production wells and the laying of a 28km pipeline to connect the field to existing UK gas infrastructure. Two further wells are planned for phase two in 2011. Following the completion of phase two, Babbage is expected to produce at rates of up to 70 million cubic feet of gas per day which is approximately 12,000 barrels of oil equivalent per day (“boepd”), thus yielding up to 4,800 boepd net to Dana.

Babbage is expected to produce more than 5 billion cubic metres (176.6 billion cubic feet) of natural gas, with a field life of 20 years.

Additional potential for future production exists in the south-east of the Babbage accumulation. Consideration will be given to developing this area following analysis of production data from the phase one and phase two wells, which are focused on the north-west area of the Babbage field.

Commenting on the news, Tom Cross, Dana’s Chief Executive said:

“The start of production at Babbage adds further value to the Dana Group and achieves another of Dana’s key targets for 2010. The Group now produces oil and gas from a total of 37 fields and expects to very shortly complete the acquisition of Petro Canada Netherlands B.V, which significantly increases Dana’s operating capability and production base in the North Sea.

In addition, Dana is delivering further value by driving forward its operated developments at the Western Isles oil fields and the Arran gas fields, in the UK North Sea.”

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