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Dana makes gas discovery in Egypt

Abu Dhabi, August 8, 2007

United Arab Emirates-based Dana Gas said on Wednesday it discovered natural gas in Egypt.

Gas from a well drilled at the West Manzala Exploration Concession in Egypt flowed at 16.5 million cubic feet of gas per day, Dana said in a statement.

The Dabayaa-1 exploration well also produced 330 barrels of condensate per day, it added. Condensate is a light oil associated with gas production.

Abu Dhabi-listed Dana Gas moved into the Egyptian upstream sector in November, when it became the country's sixth-largest gas producer through the C$1.15 billion ($1.09 billion) acquisition of Canada's Centurion International.

Dana expects to start production from the Dabayaa-1 well by November, the company's country director for Egypt, Hany Elsharkawi, said in the statement.

The firm aims to drill 12 exploration wells in Egypt before the end of the year, it said. Egypt holds Africa's third-largest natural gas reserves after Algeria and Nigeria at 1.89 trillion cubic metres. - Reuters   




Tags: Egypt | Dana Gas | discovery |

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