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Dana Gas Announces New Discovery in The Nile Delta

Source: www.gulfoilandgas.com 9/5/2010, Location: Africa

Dana Gas, the Middle East's first and largest regional private sector Natural Gas Company has announced a new gas discovery in the Nile Delta, Egypt.

The discovery well ‘South Abu El Naga-1ST’, located in the West El Manzala Concession, encountered 7.2 and 12.6 metres of net pay in the Abu Madi Upper and Lower formation respectively, and 4.8 metres in the Kafr El Sheikh formation.

A multi rate test was carried out for a 12 metre interval in the Abu Madi Lower reservoir, and yielded a production rate of 19.4 million standard cubic feet per day (“MMscfpd”) of gas and 1160 barrels per day (“bpd”) of condensate.

This is the fourth 2010 gas discovery for Dana Gas in Egypt, following the three previously announced gas discoveries: El Pansieya-1, South Faraskur-1 and Ward Delta-1.

The preliminary reserves estimate for the South Abu El Naga-1 ST is in the range of 50 to 90 Billion standard cubic feet of gas, with 1 to 2 million barrels of associated condensate. The South Abu El Naga-1 ST discovery will be further appraised, then development options will be studied.

In addition, Dana Gas is pleased to announce the commencement of new production in August from the Sharabas & Faraskur fields via its El Wastani gas plant. This brought the total Egypt production to 230 MMscfd, plus 7000 bpd of condensate and LPG on August 31st 2010. This is equivalent to 45,500 barrels of oil equivalent per day, a 20% increase on the production rate at the start of 2010.

Mr. Ahmed Al Arbeed, Dana Gas CEO, said “Our dedicated teams in Egypt continue to deliver excellent results. We are very pleased that this well has been successful. Dana Gas Egypt’s ability to develop its discoveries in a timely fashion is delivering gratifying increases in our production volumes for 2010.”

Dr. Hany Elsharkawi, Dana Gas Egypt President said: “The discovery at the South Abu El Naga-1ST well adds significantly to the company’s hydrocarbon reserves. The rapid development of the Sharabas and Faraskur fields has brought a good rise in production levels, which have been steadily increasing over the past 3 years. We are delighted that the extensive work by our exploration team to define drillable prospects, followed by an effective drilling campaign, continues to produce positive results.”

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