Dana Gas says makes new gas discovery in Egypt

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Dana Gas has discovered more gas in Egypt's Nile Delta, with 9.4 million cubic feet per day produced during initial tests, the United Arab Emirates-based company said on Sunday.

The Begonia-1 discovery well also produced 133 barrels of condensate, a light oil, in the test drilling in a sandstone reservoir of the Lower Abu Madi Formation.

Total evaluated resources for the Lower Abu Madi zone are between 7 and 15 billion cubic feet, along with around 100,000 barrels of condensate, Dana Gas said in a statement.

"The Company is pleased to announce another successful well discovery which will add to our production, cash flow and reserves in Egypt," said Rashid Al-Jarwan, acting Dana Gas chief executive.

"We look forward to continue our appraisal drilling activities in the months to come."

Related:
Topics
Companies

Market Performance

Dana Gas
0.54
-0.03 -5.26 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
New global oil deal could draw lessons from 1998

New global oil deal could draw lessons from 1998

With oil prices touching their lowest level since 2003, OPEC...

No sign Saudi Arabia will ride to oil market rescue

No sign Saudi Arabia will ride to oil market rescue

Gulf kingdom has few options beyond sticking with a strategy...

Does the Saudi IPO signal the end of the age of oil?

Does the Saudi IPO signal the end of the age of oil?

Saudis may want to capitalise on an asset that’s only going to...

Most Discussed
sponsoredTracking