Dana Proceeds with First Offshore Exploration Block in Egypt

Middle Eastern natural gas company Dana Gas announced Tuesday that it has signed a deal for the North El Arish (Block 6) Concession Area, offshore the eastern Nile Delta in Egypt.

The 1,150-square mile block is the company's first offshore block in Egypt. It covers water depths of between 65 feet and 3,280 feet.

Dana said that multiple play types have already been identified within the acreage. The four-year exploration phase has already commenced with plans including seismic acquisition and the drilling of one exploration well.

Dana CEO Patrick Allman-Ward commented in a company statement:

"We are very pleased to have signed the North El Arish Concession Agreement. We consider this block to be highly prospective and it forms an important part of Dana Gas's growth portfolio.

"Dana Gas remains fully committed to developing the natural gas industry in Egypt, and we are extremely optimistic about the future. We are continuing with constructive dialogue with the Egyptian Government in order to further reduce the outstanding receivables as soon as possible."

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