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Tue 20 Feb 2007 10:40 AM

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Centurion to drill 15 new wells

The Dana Gas subsidiary, Centurion Energy, will drill 15 wells in Egypt this year.

Dana Gas, the Middle East's first regional private-sector natural gas company, has announced an active drilling program for fifteen wells in Egypt in 2007 by its exploration and production subsidiary, Centurion Energy.

Ten exploration and five development wells are planned, with target depths ranging from 1,000m to 4,000m.

The company is currently the sixth highest gas producer in Egypt, and among the nine highest producing companies by production of barrels of oil equivalent (boe), out of the 64 companies that are active in Egypt's oil and gas sector.

"In addition to investing to maximize the potential of our Egyptian assets, Dana Gas will soon be expanding into exploration & production activities in other countries in the region," said Rashid Saif Al-Jarwan, General Manager of Dana Gas.

Dr Hany Elsharkawi, President and General Manager of Centurion Egypt, stressed that the company has achieved some important operational milestones recently, including the first LPG sales from its newly commissioned El Wastani LPG plant with capacity of 160 million cubic feet per day.

"Our goal behind the drilling and exploration programme is to maximize the potential of the shallow horizons in Abu Madi zones, while proceeding with the exploration of the high potential in the deeper Sidi Salem and Oligocene horizons, which are currently a focus of high interest across the Egyptian gas sector, both onshore and offshore," said Dr Elsharkawi.

"The Egyptian gas sector has been growing rapidly, with a major domestic market and successful gas exports through LNG projects, and proven reserves doubling in the last five years to 70 trillion cubic feet," he added.

Dana Gas acquired Centurion Energy in a US$950 million deal that cements its important position in the upstream exploration and production sector for natural gas in the Middle East. Centurion ended 2006 with estimated gas reserves of approximately 100 million boe, gas production of over 31,000 boe/ day, and operating cash flows of approximately US $90 million. Dana Gas will also benefit from Centurion's further exploration potential of 26,300 square kilometers in the Nile Delta and Upper Egypt, and has been approached by several of the major international energy companies for potential collaboration in this area.

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