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Dana Gas Announces its Update in Q2 2011

Source: www.gulfoilandgas.com 8/10/2011, Location: Africa

Dana Gas has announced its financial results for quarter ended 30th June 2011, with a Net Profit after tax of AED 124 million, a 276% increase compared to the second quarter of 2010. Production increased in aggregate by 20%, from the Company’s operations in Egypt and in the Kurdistan Region of Iraq, where production from the Khor Mor field continues to increase.

Dana Gas Egypt’s operations have continued to deliver strong results producing 4.0 million barrels of oil equivalent during the second quarter, an increase of 6% compared to the same period last year.

During the period Dana Gas announced a new discovery at South Abu El Naga-2 in the West El Manzala Concession, which increased the estimated reserves by more than 60 billion cubic feet of gas. Importantly, this new pool will begin contributing to production by the end of 2011.

The Company has continued work to optimize the development of the South Abu el Naga discovery and its discoveries in the Salma and Tulip area of its Nile Delta Concessions and now plans to expand the existing El Wastani gas processing plant, a more cost effective solution than building the previously proposed new plant at the Salma field. The new facilities will also increase recovery of LPG for the entire gas stream passing through the El Wastani Plant.

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