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Dana Announces Gas Discovery in Egypt

Posted on: Thursday, 16 October 2008, 09:00 CDT

Dana Gas has announced a gas and condensate discovery on its Egyptian concessions, marking the third discovery in the company's $170 million drilling campaign for 2008.

The Al Tawil-1 exploratory well commenced drilling on September 5, 2008 and reached a total measured depth of 3,163m in the Qawasim formation. The well is located in the West Manzala concession, approximately 15km south of Dana Gas's El Wastani gas processing facilities.

Upon testing, the well flowed at a daily rate of 23.5 million standard cubic feet of gas and 1,027 barrels of condensate. The added recoverable reserves, resulting from the successful drilling of the well, are currently estimated at 90 billion cubic feet of gas, in addition to four million barrels of associated condensate, which represent an increase of 20% to the current reserves of Dana Gas in Egypt.

Ahmed Al Arbeed, executive director of upstream at Dana Gas, said: "This is an important discovery which proves the high potential of the Qawasim formation resulting in significant reserves addition to the company. The exploration program in Egypt has been very successful so far, and we are looking forward to more discoveries before the end of 2008."

Source: Datamonitor

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