Dana Petroleum To Buy 50% Share In El Manzala Site From BG

Dana Petroleum PLC (DNX.LN), an independent oil company, said Wednesday it has signed an agreement with BG International Ltd. (BG.LN) to acquire a 50% interest in the El Manzala Offshore Area Concession, located in the Mediterranean Sea, offshore Egypt.

MAIN FACTS:

-The deal is subject to normal regulatory approvals.

-The El Manzala Offshore Area Concession is a large PSC area, covering some 630 sq km, situated in the prolific offshore Nile Delta area of Egypt.

-The area already has significant coverage of both 2D and 3D seismic data.

-Dana will fund the cost of the next exploration well up to an agreed cap in order to earn the 50% interest.

-Dana has assessed that this area is prospective in both the Pliocene play, analogous to Dana's two gas discoveries in the West El Burulus concession (WEB-1 and Papyrus), as well as having further prospectivity in the deeper high pressure horizons.

-Shares closed Tuesday at 1471 pence.

-By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; tommy.stubbington@dowjones.com

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