Double Success for Dana Gas in Egypt

Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has announced two gas discoveries in the Nile Delta, Egypt.

The first discovery was at El Panseiya-1 in the West El Manzala Concession, which encountered 11 meters of net pay in the Kafr El Sheikh formation and produced 10 million standard cubic feet per day (mmscfpd) of dry gas. The preliminary estimate of the recoverable reserves is from 8-13 billion cubic feet (bcf) of gas.

The second discovery, South Faraskour-1, also in the West El Manzala Concession encountered 20 meters of net pay in the Abu Madi formation and 1.4 meters in the Kafr El Sheikh formation. The well tested 16.3 mmscfpd of gas with condensate. The preliminary estimate of the recoverable reserves is 27-57 bcf of gas with associated condensate.

Both the El Panseiya-1 and South Faraskour-1 discoveries are expected to be tied in to the Company's nearby El Wastani gas processing plant by the end of 2010.

Ahmed Al Arbeed, Dana Gas CEO, said, "Our team in Egypt continues to deliver tremendous results. We are delighted that these two exploration wells have been successful. They build upon Dana Gas Egypt's outstanding 2009 achievement of eight discoveries from twelve exploration wells, which resulted in a 40% increase in proved plus probable (2P) reserves to 132 million barrels of oil equivalent at the end of the 2009."



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