Aug 01 2009
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Dana Gas adds estimated 76 billion cubic feet to Egypt reserves with latest discoveries
Sharabas-1 and Sama-1 move the Company closer to its 40,000 barrels of oil equivalent per day production target
Dana Gas , the Middle East's first and largest private sector natural gas company, has announced two more gas discoveries at its concessions in the Egyptian Nile Delta: Sharabas-1 and Sama-1. These are the latest in a string of discoveries resulting from the company's aggressive drilling campaign in Egypt, which began in 2008.
The Sharabas-1 discovery, located in the West El Manzala concession, tested at 7 million standard cubic feet per day (MMscf/d) of gas with 198 barrels per day (bbl/d) of condensate. The estimated reserves for this discovery are about 28 billion cubic feet (bcf) gas plus the associated condensate.
The Sama-1 discovery, located in the West El Qantara concession, tested at 13 MMscf/d of dry gas from a reservoir of Messinian age. The estimated reserves for this discovery are about 48 bcf gas. Based on the preliminary analysis of the testing data, the well has the potential to produce in excess of 20 MMscf/d of gas. A new 3D seismic survey is planned to better define the extent of this gas accumulation, with the potential to increase its reserves considerably. The dry gas nature of the hydrocarbons produced by Sama-1 well offers the opportunity for an early production start-up via a 30 km pipeline to the Company's South Manzala plant.
Al Arbeed declared: "We are very pleased that our Egypt exploration programme is continuing to yield discoveries. The Sharabas-1 and Sama-1 discoveries will boost Dana Gas ' production and profitability, and will take us closer to achieving our target production of 40,000 barrels of oil equivalent (boe) per day by the end of the year - a target that we are already well on the way to achieve. I am confident that the Dana Gas team will also maintain our excellent delivery rates and bring these discoveries on stream soon."
Dr Hany Elsharkawi, President of Dana Gas Egypt said: explained that the exploration programme is continuing to progress well on all fronts. "In addition to the Sharabas-1 and Sama-1 exploration discoveries, Dana Gas has also successfully drilled and tested an important appraisal location at Salma Delta-2 in the West El Qantara concession, and good productivity has also been confirmed at the previously announced Tulip-1 discovery, also in the West El Qantara concession."
Dana Gas is the sixth highest natural gas producer in Egypt, and ended 2008 with a daily production rate from its Egyptian operations of 31,640 boe, a figure that has already increased to over 37,000 boe this year. The Company has made a number of significant discoveries in the nile Delta in Egypt over the past year.
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 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 (ADX), Dana Gas already possesses a network of offices in Saudi Arabia, Egypt, and the UK, 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 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 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.
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