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Wed 15 Oct 2008 12:15 PM

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Sharjah's Dana makes third Egyptian gas discovery

UAE-based company announces gas and condensate find in Qawasim formation.

UAE-based Dana Gas announced on Wednesday a gas and condensate discovery in Egypt's Qawasim formation, its third find in the North African country this year.

"This is an important discovery which proves the high potential of the Qawasim formation resulting in significant reserves addition to the company," said Ahmed al-Arbeed, executive director of upstream operations in a statement.

Tests showed that the well produced 23.5 million cubic feet per day of gas and 1,027 barrels of condensates, it said.

Sharjah-based Dana Gas, which relies on Egypt for the bulk of its income, said in January it plans to invest about $500 million in Egypt and Iraq's Kurdish region this year to boost natural gas output.

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