Dana Petroleum Plc (LON:DNX), the independent oil and gas group, has delivered an interim pre-tax profit of £82.0m, up 274% and beating its performance for the whole of 2009. Reporting its figures for the half year to June 30, Dana said that total income had topped £266.9m, comprising revenue of £185.7m and underlifted production of £81.2m. Cash generated from operations came in at £191.5m, up 221%.

During the period, Dana grew its reserves by 54 million barrels of oil equivalent through new discoveries and via acquisition. Included here were 23 mmboe of 2P reserves from 2010 exploration discoveries 31 mmboe from the acquisition of Petro Canada Netherlands BV. Dana reported that production had averaged at 37,215 boe per day, including 10,825 boepd from Petro Canada Netherlands. Group production for 2010, following the PCN acquisition is now estimated to average 40,000 to 45,000 boepd.

Last week, Korea National Oil Corporation (KNOC) was forced to turn hostile in its efforts to buy Dana in a deal worth 1,800 pence per share. The Dana board have refused to recommend the offer the shareholders, claiming it under values the group. However, it is understood that KNOC has secured substantial investor support for the takeover, leading a number of analysts to claim that a deal is inevitable. Nevertheless, the company insisted that shareholder should not act until the board has presented its response, which is due before September 8. For more details about the KNOC approach, click here.

Elsewhere, Dana said its development portfolio now comprised near term production upside from four development projects in the UK, the Netherlands and Egypt. The Arran and Western Isles operated development projects in the UK will add to production in 2012 and 2013 respectively. So far, the company has made six oil and gas discoveries in Egypt and the UK in 2010 including significant discoveries at Papyrus, Platypus, Lorcan and Fin. Wells are currently being drilled in the Faroe Islands (Anne-Marie) and Egypt (Nefertiti) and six further wells will be spudded in the remainder of the year including the East Beni Suef exploration concession, North Zeit Bay and the major Cormoran target in Mauritania.

Tom Cross, Dana’s chief executive, said: “Dana performed very strongly in the first half. We have delivered interim profits which are in excess of full year 2009, we have also grown reserves by 54 million barrels…

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