Abu Dhabi – Dana Gas is planning to drill Balsam-8 well in the company’s development lease onshore in the Nile Delta following the reception of $40 million receivables from the Egyptian government, head of investor relations Mohammmed Mubaideen told Mubasher.
We hope that the new well could help us return to a targeted production capacity of 200 million cubic feet, Mubaideen added.
In the same vein, Dana Gas is planning to drill its first offshore well in sector 6 in the Mediterranean Sea nearby Gaza Strip, the top official revealed.
The Emirati energy giant has based its investments in Egypt on the receivables paid by the government, Mubaideen said.
In May, the Abu Dhabi-listed company announced that it received AED 146.8 million ($40 million) in dues from the Egyptian government.
Translated by: Muhammad Khalid