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Business News of Friday, 18 October 2002

Source: AFX

Dana Petroleum makes second oil find in Ghana

LONDON (AFX) - Dana Petroleum PLC said it has made a second oil find in Ghana. Dana found the 75 feet interval of oil bearing Upper Campanian reservoir in its WT-2X well in the shallow-water region of the Western Tano Contract Area, similar to that tested in its WT-1X well drilled in 2000.

It said the find demonstrated the lateral extent of the previous discovery.

Detailed analysis of well results, including reservoir fluid samples recovered from the well, is now underway to assess the commerciality of the Upper Campanian oil accumulation.

Indications of hydrocarbon were also present in the Albian horizon encountered below 9,300 feet, it said.

This reservoir was found to be of poorer quality than the equivalent section in the WT-1X well and is therefore thought unlikely to add significantly to the development potential of the shallow water region.

The company said alongside the shallow-water drilling operations, extensive geoscience work has continued to refine drilling locations in the deep-water area of the licence, with several high-potential structures now defined.

"These deep-water prospects are an order of magnitude larger than previous finds in the shallow water, with each structure having the potential to contain several hundred million barrels of oil," the company said.

Preliminary operational planning is in progress with a view to commencing deep-water drilling in late 2003.

The company also said it has begun the acquisition of a large 3D survey in Block 1 offshore Mauritania.