Dana Petroleum announced an expansion of its Norwegian interests yesterday.
The Aberdeen group’s Dana Petroleum Norway subsidiary has been awarded stakes in nine offshore blocks under six new production licences in the 2009 Norwegian APA licensing round.
Chief executive Tom Cross said: “Dana is delighted with the award of these new licences. Some 10 new exploration prospects have already been identified within these blocks with total unrisked reserves potential of more than 200million barrels of oil equivalent (boe) net to Dana.
“This provides a significant portfolio of new opportunities, building upon Dana’s existing business in Norway.”
Also yesterday, Dana released an operational update in which it reported average oil and gas production of around 38,700 boe per day (boepd) in 2009.
During November and December, this figure averaged just under 42,000boepd.
Production for 2010 is forecast to average between 37,000 and 41,000boepd.
This output is dependent on factors including the UK gas market.
Analysts at Evolution Securities said: “Guidance has been downgraded to 37,000-41,000 boepd from previous guidance of around 42,000 boepd.”
Dana is producing from 36 oil and gas fields, spanning the UK, Egypt, Norway and the Netherlands.
Proven and probable reserves increased to a new record high of 222million boe at the end of last year.
The company said it was in a strong financial position, with planned 2010 capital investment of about £235million across existing fields and licences.
Mr Cross said: “Despite tough macroeconomic conditions during 2009, Dana has achieved substantial progress across its portfolio.
“The company made five significant oil and gas discoveries, driving its reserves to a new record high.
“We have already begun an exciting drilling campaign for 2010, with three wells currently drilling in Egypt and a total of 17 exploration wells scheduled for this year across five countries.”
The group’s 2009 results are scheduled for release at the end of March.
Shares closed down 3.1% yesterday at £10.44.