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Tue 12 Jan 2010 10:22 AM

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Dana Gas strikes major oil find in Egypt

Sharjah firm discovers first Komombo well to flow oil naturally to surface

Sharjah-based energy giant Dana Gas has discovered a new oil pool in southern Egypt’s Al Baraka Field, which is currently onstream and producing five times the sustained flow rate of any previous well in the field.

This find is particularly significant, given that it is the first well on the Komombo basin concession that flows oil to the surface via the natural energy of the reservoir, rather than through artificial lift.

The full volume of reserves discovered is currently under evaluation.

"Al Baraka-4 expands a new era of petroleum exploration in Southern Egypt. The fact that oil has flowed naturally to surface from a new layer with better reservoir quality demonstrates that the Komombo basin is more prolific than originally thought," said Dr Hany Elsharkawi, Dana Gas Egypt president.  

The Al Baraka 4 well was started in December last year, and reached a total depth of nearly 1,500 metres.

Dana Gas entered the Egyptian energy sector in 2007 via the $1.1bn buyout of Centurion Energy, becoming the sixth-largest gas producer in the country in 2008.

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