FTSE 250 oil and gas exploration and production company, Dana Petroleum (LSE: DNX) leapt 19% to a new all time high after announcing the discovery of oil at the West Rinnes structure in
Block 210/24a in the UK Northern North Sea.
West Rinnes is only 5 kilometres from Dana's Hudson oil field and 2.5 kilometres from Dana's Melville oil field. Dana said the well found "excellent quality sands throughout the Brent sequence" and flowed at rates up to 7,800 barrels of oil per day. The well produced a clean, good quality 32 degrees API oil.
"This is an excellent result which has exceeded our pre-drill expectations. The discovery of good quality oil at West Rinnes gives strong encouragement for a number of other prospects in this immediate area, including East Rinnes which will be drilled imminently, and also West Hudson, North Melville and South-West Rinnes which have yet to be drilled." said Tom Cross, Dana's Chief Executive.