Dana Petroleum has reduced its pre-tax loss from £605,000 to £313,000 in the six months to June 30th, 1998. Turnover increased from £1.68 million to £10.2 million.

This is proving to be the company's "most fruitful year on record, with the pace of growth exceeding expectations", according to the interim statement. The outlook is "very bright".

Dana has developed a strong cash-flow base which gives it an "exceptional" upside potential. Also there are to be new developments with Shell at the Goosander field in Britain and at the Salym group of fields in Siberia. Elsewhere, the first Indonesian well is expected next year, as is the first well in Ghana. Further 3D seismic interpretation and drilling are planned in its Atlantic Margin licences. Reviewing the latest results, Dana said "significant value" had been added in each of its four business regions - north-west Europe, the former Soviet Union, west Africa and the Far East. There was record production, and "two significant new oil and gas discoveries were made in the UK North Sea".

Dana's chief executive, Mr Tom Cross, said there was "excellent progress" towards its strategic objectives despite the difficult operating climate with low oil prices.