Hansa Acquires interest in Dana Petroleum’s Pharos Prospect

Dana Petroleum has reached an agreement with Hansa Hydrocarbons Limited (Hansa) for them to participate in the Pharos exploration well on Licence P.1566 in the UK Southern North Sea, due to be spudded before the end of September.

The Pharos prospect is located approximately 50 km northeast of the Easington gas processing terminal, Humberside, and lies west of the Hyde field. Once the farm-in is completed, Hansa will acquire a 15% interest in Licence P.1566 and P.1742. Dana will retain a 35% interest and operatorship across both Licences.

Other partners in the Licences are Dyas Exploration UK Limited (15%), MPX North Sea Limited (15%) and Parkmead (E&P) Limited (20%) for P.1566 and Dyas Exploration UK Limited (30%) and Parkmead (E&P) Limited (20%) for P.1742.

Completion of the transfer is subject to the receipt of UK government and partner consent.

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Press Release, September 20, 2013