EVIKHON, a Russian exploration company in which Dana Petroleum has a 10 per cent stake, has received permission from Russia's lower house of parliament, the state Duma, to develop two oil fields.

They are the Kamennoye and Palyanovskoye fields in which Yugraneft, a company 24 per cent owned by Evikhon, has a 33.3 per cent and a 24 per cent interest respectively.

Dana said it had a total interest in these fields of over 11 million barrels of oil reserves. This was in addition to the 35-50 million barrels of oil reserves directly attributable to Dana from Evikhon's 50 per cent partnership with Shell in the Salym fields. Dana's chief executive, Mr Tom Cross, said the approval was a "watershed".