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Dana Petroleum spuds Nefertiti well in Egypt, the latest in company’s 10-well program


Dana Petroleum (LON:DNX) announced it has now spudded its next well in the Gulf of Suez, Egypt, which will target the Nefertiti oil prospect. The company also highlighted that the Blackbird well, which successfully appraised the Blackbird North Sea oil field earlier this week was the first of ten exploration and appraisal well to be drilled in the second half 2010.

Blackbird will be completed and flow tested shortly.

In addition to Blackbird, Dana has now spudded a well targeting the Nefertiti oil prospect offshore the Gulf of Suez, Egypt. Nefertiti is in the South October concession and the reserves being targeted, based on 3D seismic mapping, are up to 40 million barrels of oil. Dana's stake is 65%.

Additionally, two additional targets are currently being drilled - the UK North Sea and the Fin oil prospect in Egypt - and the results from the Fin and Tolmount wells are expected during the next few weeks.

"Through the combined growth steps of developing our own discoveries and selected acquisitions, Dana will shortly be producing 50,000 barrels per day”, Dana chief executive Tom Cross commented. “We look forward to the next few months, which will be the busiest exploration and development period in Dana's history."

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