| 23 May 2009 |
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Dana Gas makes a new gas discovery in the Nile Delta, Egypt
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The Tulip-1well represents the fourth discovery in 2009 for the company
Sharjah - May 23, 2009: Dana GasDana Gas
, the Middle East's first and largest regional private sector natural gas company, has announced another gas discovery in one of the company's concessions in the Egyptian Nile Delta. The Tulip-1 well is set to add up to 30 billion cubic feet of gas to the company's reserves in Egypt.This comes soon after the announcement of three previous gas discoveries in the Nile Delta area: two dry gas discoveries at the firm's Sondos-1 and 2 wells, and one gas/condensate discovery at the Azhar-1 well. This is the result of Dana GasDana Gas' aggressive drilling campaign in Egypt, which began in 2008 and continues to add new gas reserves in 2009.
The Tulip-1 well is located in the West El Qantara Concession, approximately 15 km from the Company's South El Manzala gas processing facilities and 7 km from the recent discovery Salma Delta-1. The well was spudded on 25 April 2009 and reached a total depth of approximately 2200 metres within the Messinian Abu Madi formation.
The well encountered 11 metres of net pay in a good quality sandstone reservoir of the Abu Madi formation. The production test yielded production of 11.4 million standard cubic feet per day of gas and 318 barrels of condensate per day.
Commenting on this new discovery, Dana GasDana Gas' CEO Mr. Ahmed Al-Arbeed said: "The discovery at the Tulip-1 well represents our fourth discovery in our 2009 drilling campaign. We are delighted that the extensive prospect generation effort, followed by a very effective drilling campaign, continues to produce positive results into 2009 following the outstanding results of 2008, which will further boost the company's production".
Dana Gas Egypt President, Dr. Hany Elsharkawi explained that the development plan for this discovery is currently being prepared. "The plan includes the drilling of a number of appraisal and development wells that will support the final assessment of the field and the construction of a new gas and condensate plant to accommodate the production coming from the nearby Salma Delta discovery as well".
Dana GasDana Gas is the sixth highest natural gas producer in Egypt. The company ended 2008 with a daily production rate from its Egyptian operations of approximately 31,650 barrels of oil equivalent (boe) that has recently increased to about 35,000 boe due to the tie-in of El Basant field. A further increase is expected in June after the Sondos field tie-in.
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About Dana Gas
Dana GasDana 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 300,000 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 GasDana Gas already possesses a network of offices in Saudi Arabia, Egypt, the UK, and Iraq, with further offices opening throughout the Middle East. Dana GasDana Gas currently has assets and projects in gas exploration and production, processing, transportation and marketing in the UAE, Egypt and Iraq, and aims to play a major role in the rapidly-growing natural gas business throughout the Middle East North Africa and South Asia (MENASA) Region across the entire gas value chain. In addition to its current projects, Dana GasDana 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.
Maryam Keblawi
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
Mob: +961 50 4779923
Email: maryam@saharagcc.com
www.saharagcc.com
© Press Release 2009
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