Thursday, July 22, 2004
Wintershall wager on Dana deal
My recent absence was due to Blogger upgrading their post software, a browser upgrade was required for the two to talk. Complications arose as this left me without a java plugin, without which I was unable to get streaming share prices from MoneyAM. With both problems fixed, Artful Investing will be appearing regularly again.
Of my four holdings, Ben Bailey and Mayborn have advanced slightly but Chaucer has fallen back. Dana Petroleum advanced to a high for the year on yesterday's news that Wintershall, a German oil and gas company, will shoulder the costs of seismic appraisal work offshore Mauritania in exchange for a 38.5% share of any oil discovery:
Operations have now commenced to acquire a 1,800 square kilometre 3D seismic survey in Block 8. The survey is being performed by PGS Exploration (UK) Limited using the high capacity 3D vessel M/V American Explorer and is expected to take approximately 60 days to complete. The objective of the survey is to identify drilling targets within a number of very large carbonate reef prospects highlighted by the existing 2D seismic data.
Dana have traded off possible upside from a discovery in 'Block 8' for the safety Wintershall bring in bankrolling the geological investigation. Wintershall are betting on the basis of the early seismic data that there is a sufficient possibility of paydirt.
The announcement shows the confidence oil companies outwith Dana have in the Mauritanian acreage. This is starting to be shared on the stock market with Dana shares marked up three percent on the news. Dana is yet to report the status of it's appraisal drilling campaign in Indonesia, with luck shareholders will enjoy more good news in the forthcoming few weeks.
The Artful Dodger
Of my four holdings, Ben Bailey and Mayborn have advanced slightly but Chaucer has fallen back. Dana Petroleum advanced to a high for the year on yesterday's news that Wintershall, a German oil and gas company, will shoulder the costs of seismic appraisal work offshore Mauritania in exchange for a 38.5% share of any oil discovery:
Operations have now commenced to acquire a 1,800 square kilometre 3D seismic survey in Block 8. The survey is being performed by PGS Exploration (UK) Limited using the high capacity 3D vessel M/V American Explorer and is expected to take approximately 60 days to complete. The objective of the survey is to identify drilling targets within a number of very large carbonate reef prospects highlighted by the existing 2D seismic data.
Dana have traded off possible upside from a discovery in 'Block 8' for the safety Wintershall bring in bankrolling the geological investigation. Wintershall are betting on the basis of the early seismic data that there is a sufficient possibility of paydirt.
The announcement shows the confidence oil companies outwith Dana have in the Mauritanian acreage. This is starting to be shared on the stock market with Dana shares marked up three percent on the news. Dana is yet to report the status of it's appraisal drilling campaign in Indonesia, with luck shareholders will enjoy more good news in the forthcoming few weeks.
The Artful Dodger
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