Dana Gas says makes new gas discovery in Egypt

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."

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