Dana Petroleum Announces Strong Results of Platypus Well

Dana Petroleum plc announces strong results from its Platypus gas appraisal well in the Southern North Sea, which recorded a test flow rate of 27mmscf per day on a 96/64” choke.

Following planned equipment maintenance, offtake procedure testing and further optimisation of process equipment, the 9/03b-7 well at Xcite Energy’s Bentely field, has been producing at a stabilised rate of approximately 3,200 barrels per day with no associated basic sediments or water.

This is viewed as being well within the operational performance of the reservoir.

Bentley crude oil collected so far in the Scott Spirit tanker is in excess of 47,000 barrels of dry oil and thus achieves another major technical objective of the flow test.

Early data gathered from down hole pressure and temperature responses demonstrates that the underlying aquifer support is strong and consistent, which is a good indicator for longer term productivity of the reservoir.

The pre-production flow test will be continued in order to determine the reservoir fluid behaviour and to gather data to assist in the optimisation of ultimate life-of-field performance.

Commenting on today’s announcement Steve Kew, Chief Operating Officer, said:

“With the Phase 1A work programme thus far having once again demonstrated the expertise and delivery capabilities of the Xcite team, we look forward to completing the programme and moving forward with the important next stages in the development of the Bentley field.”

 Bentley

Xcite Energy’s Bentley field is one of the largest undeveloped fields in the North Sea, containing some 550 MMstb in-place of 10°-12° API heavy oil. Following a highly successful flow test of the 9/3b-6Z well in December 2010, Xcite Energy are moving the field towards development. Further drilling and testing is being undertaken in 2012 which will leave well infrastructure in place for the development. It will also enable finalising of the field development plan for approval later in the year.

Xcite Energy holds and operates 100% of the Bentley field located in Block 9/3b (Licence P1078). The Licence was granted to XER under a Promote Licence in 2003 and converted to a Traditional Licence in 2005.

The Bentley field is located on the East Shetland Platform in the UK Northern North Sea, 8 km southeast of the Bressay Field (currently operated by Statoil), 15 km east of the Kraken Field (operator: Enquest) and 20 km north-northeast of the Bruce Field (operator: BP)

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Press Release, August 3, 2012