DANA Petroleum has entered into two call options with Waterford Finance and Investment which will increase its interests in Russian oil exploration. The first allows it to acquire 928,000 ordinary shares in YuganskOil, representing a 20 per cent stake. It already has a 30 per cent stake.

The consideration for the grant of the option together with the extension will be £350,000 sterling, of which £200,000 is repayable under certain circumstances.

The second call option is to acquire the share capital of Atlantic Intertrade whose sole asset is 5 per cent of Evikhon, a Russian joint stock company. The grant of the option which expires on May 23rd, has cost $750,000, of which $250,000 is repayable in certain circumstances.