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Dana Gas’ Exploration Success in Egypt

Source: www.gulfoilandgas.com 11/10/2010, Location: Africa

Dana Gas announces two new gas discoveries in the Nile Delta, Egypt. The first is West Ward Delta-1, which tested at 12.9 million standard cubic feet per day (MMscfpd) of gas from the Kafr El Sheikh formation. The preliminary estimate of mean recoverable reserves from this field is in the range of 10 to 17 billion cubic feet (Bcf) of gas.

The second discovery is Salma Delta North-1 which tested at 16.1MMscfpd plus 561 barrels per day of condensate. Further appraisal is required to quantify the reserves range of this discovery; however with a gas water contact 40 metres deeper than the adjoining Salma Delta field it represents a new pool with considerable additional potential. These discoveries are in addition to the previously announced discovery during the third quarter, South Abu El Naga for which the reserves range is 50 to 90 Bcf of gas plus 1 to 2 million barrels of condensate. This brings the total discoveries in Egypt during 2010 to six out of eight wells: El Panseiya, South Faraskur, Ward Delta, South Abu El Naga, West Ward Delta and Salma Delta North.

Commenting on the quarterly performance, Dana Gas Chief Executive Officer, Mr. Ahmed Al Arbeed, said: “Dana Gas continues to deliver consistent and strong financial results. Our operations continue to perform in a very satisfactory manner, especially in Egypt and we are proud of our exploration success in the Nile Delta and our continued track record of quickly bringing these fields into production. In the Kurdistan Region of Iraq, during the period we have successfully increased gas production to meet the requirements of the power stations at Erbil and Suleymaniah and the first train of our LPG plant through which we have been producing gas since the middle of the year will shortly be producing LPG.”

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