Dana Petroleum has signed an agreement with Compania Espanola de Petroleos S.A. ('CEPSA') to acquire a stake in the South Feiran Concession, located in the Gulf of Suez, offshore Egypt. This deal builds upon the recently announced agreement with Gaz de France to acquire an interest in the West El Burullus area of the offshore Nile Delta region of Egypt. Following completion of the transaction, which is subject to normal regulatory and partner approvals, the South Feiran partners will be Dana 20%, IEOC Exploration (a subsidiary of Eni) 50% and operator, and Phoenix Redux Inc. 30%.
The South Feiran Concession covers an area of 349 square kilometers, with relatively shallow water depths in the range of 50 to 80 meters. The licensed area is surrounded by significant producing oil fields and associated oil and gas production infrastructure, including the very large Belayim fields which are estimated to have contained initial reserves in excess of 2.5 billion barrels of oil. A 3D seismic survey is now being planned over the high-graded eastern portion of the concession, with the objective of better defining a number of potential prospects already identified from earlier 2D seismic data. Exploration drilling is targeted for 2007.
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