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Dana Gas Announces Additional Discoveries in Egypt
Dabayaa-1 Exploration Well Proves New Finds, will Boost Production
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Singapore (FPRC) August 17, 2007 -- Dana Gas, the Middle East's first and largest regional private-sector natural gas company, has announced a new gas and condensate discovery from its Dabayaa-1 exploration well in the West Manzala Exploration Concession in Egypt. The well penetrated a gas bearing interval in the Lower Abu Madi Sandstone. An extensive DST programme was carried out giving a production rate of 16.5 million cubic feet of gas per day (2,800 barrels of oil equivalent), and 330 barrels of condensate per day through a 32/64" choke.
Centurion Petroleum Corporation, the upstream division of Dana Gas, drilled the Dabayaa-1 well to a total depth of 3,001 meters and encountered a hydrocarbon-bearing interval that extends over a 10 square kilometer area. Estimates of recoverable reserves from this new discovery are being evaluated.
"We are very excited about this gas discovery which confirms our high expectations for the hydrocarbon potential of the Abu Madi Formation in our concession," said Mr. Rashid Saif Al-Jarwan, General Manager of Dana Gas. "We are in a very favourable position within the Nile Delta and this discovery is opening up more hydrocarbon prospects to be drilled on the same concession."
Dr. Hany Elsharkawi, Dana Gas Country Director in Egypt added: "The well is located only 6 km from our existing facilities and we expect to finalize the new field's development plan soon so as to quickly bring the well on production. Dana Gas expects to commence production from Dabayaa-1 discovery by November of this year."
Dana Gas is currently the 6th largest natural gas producer in Egypt, where over 64 companies are active in exploration and production, and the country has doubled its total gas reserves in the last five years to over 70 trillion cubic feet. It is expected that Dana Gas will drill a total of 12 exploration wells in Egypt before the end of 2007.
ENDS
About Dana Gas
Dana Gas (PJSC) is the first regional private-sector natural gas company in the Middle East, established with over 300 reputable founder shareholders from across the Gulf Cooperation Council (GCC) region, and some 425,000 investors from over 100 nationalities worldwide who submitted applications of over US$78 billion over ten days in the company’s regional IPO in late 2005.
Headquartered in Sharjah in the UAE and listed on the Abu Dhabi Stock Market (ADSM), Dana Gas already possesses a network of offices in Saudi Arabia, Egypt, the UK, and Canada, with further offices opening throughout the Middle East. Dana Gas currently has assets and projects in gas exploration and production, processing, transportation and marketing in several countries, and aims to play a major role in the rapidly-growing natural gas business throughout the Middle East North Africa (MENA) Region across the entire gas value chain. In addition to its current projects, Dana Gas will be expanding its activities in all elements of the natural gas value-chain, including upstream exploration and production; through the midstream transmission and distribution of gas including LNG trading; and downstream into gas-related industries and petrochemicals. www.danagas.ae
For further Information. Please contact Mariam Keblawi, SAHARA Media Consultants on 0097150-4779923
Send an email to Mariam Keblawi of Sahara Media Consultancy
0097150-4779923
Keywords:
oil and gas, energy, business
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