Dana, production growth a certainty

Sunday Telegraph - 29 December 2002

Dana Petroleum

Like the markets, our tips of the year had a volatile 12 months. Our basket of shares, funds and unit trusts ended the year to date down 18 per cent.


Nevertheless, we have manaaged to outperform both the FTSE100 and FTSE All Share indices, which closed the year down 26 and 27 per cent respectively.

Our best-performing tip of the year was Dana Petroleum, the oil company, which closed up 26 per cent over the 12 months at 13.25p.

Dana had risen 70 per cent by mid-May after healthy results and hopes for West African drilling, but an important well was delayed until late 2003 and second half exploration was unexciting.

With production now building rapidly and drilling potential for the next two years, the shares continue to reflect a good risk/reward profile. There is no reason to sell yet.

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