Dana Gas says makes new gas discovery in Egypt

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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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