Dana shares rise 4% on initiative

SHARES in Dana Petroleum rose 4% after the exploration company said oil production had successfully started in its Gadwall field in the North Sea. Initial production rates are in line with expectations.

Chief executive Tom Cross said: “Gadwall becomes Dana’s tenth producing field in the UK and 11th for the group as a whole.

“Elsewhere in the North Sea, Dana is driving ahead with four new field developments and expects to conduct appraisal drilling on a further five fields before the end of 2006.

“Overall, Dana has rigs contracted to drill six exploration and appraisal wells in the North Sea in 2005. The first of these, drilled last month, discovered the Melville oil field adjacent to the Dana-operated Hudson oil field.”