EGYPT: Dana Gas Strike Gas, Condensate in Egypt’s Nile Delta - Africa’s premier report on the oil, gas and energy landscape.

EGYPT: Dana Gas Strike Gas, Condensate in Egypt’s Nile Delta

Dana Gas has announced a significant gas and condensate discovery at its El Basant-2 well in the Nile Delta Concession in Egypt.

The El Basant-2 well, located 1.4 kilometers northeast of the El Basant-1 discovery in the West El Manzala Concession, was spudded on December 6, 2008, reaching a total depth of 3,050 meters and encountered 37 meters of net sand pay with good porosity and permeability in the Qawasim formation.

“The El Basant hydrocarbon accumulation significantly raises Dana Gas’s reserves in Egypt”, according to Hany Elsharkawi, Dana Gas country director in Egypt.

“This acreage is particularly attractive to us as we have established production in the area and we are able to bring new discoveries on production quickly and at comparatively low cost. In addition our gas is sold at a fixed price and therefore our gas revenues have not been negatively affected by the recent drop in global oil prices. Dana Gas has already applied for a Development Lease, which we expect to be granted soon, and we anticipate a production start-up by the end of March 2009.”

Following an extensive testing programme at El Basant-2, Dana Gas plans to transport the hydrocarbons produced from the well through a pipeline to its El Wastani field facilities, which lie about ten kilometers to the north of the well.

“Dana Gas ends 2008 with solid growth in production and activities and a positive outlook for the coming year, despite the global financial crisis”, said Mr. Neeraj Agrawal, Dana Gas Finance Director.

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