Dana Gas Says Dabayaa-1 Proves New Find

Dana Gas has made a new gas and condensate discovery from its Dabayaa-1 exploration well in the West Manzala Exploration Concession in Egypt. The well penetrated a gas bearing interval in the Lower Abu Madi Sandstone. An extensive DST program was carried out giving a production rate of 16.5 million cubic feet of gas per day (2,800 barrels of oil equivalent), and 330 barrels of condensate per day through a 32/64" choke.

Centurion Petroleum Corporation, the upstream division of Dana Gas, drilled the Dabayaa-1 well to a total depth of 3,001 meters and encountered a hydrocarbon-bearing interval that extends over a 10 square kilometer area. Estimates of recoverable reserves from this new discovery are being evaluated.

"We are very excited about this gas discovery which confirms our high expectations for the hydrocarbon potential of the Abu Madi Formation in our concession," said Mr. Rashid Saif Al-Jarwan, General Manager of Dana Gas. "We are in a very favourable position within the Nile Delta and this discovery is opening up more hydrocarbon prospects to be drilled on the same concession."

Dr. Hany Elsharkawi, Dana Gas Country Director in Egypt added: "The well is located only 6 km from our existing facilities and we expect to finalize the new field's development plan soon so as to quickly bring the well on production. Dana Gas expects to commence production from Dabayaa-1 discovery by November of this year."

Dana Gas is currently the 6th largest natural gas producer in Egypt, where over 64 companies are active in exploration and production, and the country has doubled its total gas reserves in the last five years to over 70 trillion cubic feet. It is expected that Dana Gas will drill a total of 12 exploration wells in Egypt before the end of 2007.

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