Dana Petroleum, earning per share growth and prospective PE range 4 -6.5

Since the last report (ROC’s Release to ASX dated 23 December 2003), the Pelican-1 exploration well, in Block 7, offshore Mauritania, has drilled ahead in 12¼ inch hole to a Total Depth of 3,825 metres. The wireline logging programme is almost complete, pressure gradient data have been obtained and reservoir fluid samples collected, but not yet examined. Based on the preliminary interpretation of this information, the well appears to have penetrated a gross interval of approximately 300 metres through which a number of gas-filled Palaeocene sands, some with good oil shows, are intermittently developed. Individual sands are generally thin with variable reservoir characteristics but, occasionally they are in the range of 5 to 10 metres thick with excellent reservoir quality. The well, drilled in 1,700 metres of water at the high point of a large structure, will be plugged and suspended as a gas discovery. The timing and nature of any appraisal work will be dependent upon a comprehensive analysis of the information obtained from the well which, because of its relative isolation, will be a key data point for the region.

WSLS