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MENAFN - Khaleej Times - 06/09/2010

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(MENAFN - Khaleej Times) Dana Gas PJSC, regions largest private sector natural gas company, said on Sunday it had made a new gas discovery in the Egypts Nile Delta. It also announced the commencement new production from the two earlier discoveries made in the same area, that has boosted the output to 45,500 barrels of oil equivalent per day, a 20 per cent increase, since the start of the year.

The discovery well South Abu El Naga-1ST, located in the West El Manzala Concession, encountered 7.2 and 12.6 metres of net pay in the Abu Madi Upper and Lower formation respectively and 4.8 metres in the Kafr El Sheikh formation, says Sharjah-based natural gas producer, in a regulatory announcement to the Abu Dhabi Securities Exchange, on Sunday. Dana Gas share price rose 1.30 per cent on the news to Dh0.78.

The Company said a multi-rate test was carried out for a 12 metre interval in the Abu Madi Lower reservoir, yielding a production rate of 19.4 million standard cubic feet per day or MMscfpd of gas and 1160 barrels per day of condensate.

This is the fourth 2010 gas discovery for Dana Gas in Egypt, following the three previously announced gas discoveries: El Pansieya-1, South Faraskur-1 and Ward Delta-1.

The preliminary reserves estimate for the South Abu El Naga-1 ST is in the range of 50 to 90 billion standard cubic feet of gas, with 1-2 million barrels of associated condensate.

The South Abu El Naga-1 ST discovery will be further appraised, than development options will be studied.

Dana Gas also announced the commencement of new production from the Sharabas and Faraskur fields via its El Wastani gas plant, bringing the total Egypt production to 230 MMscfd, 7000 bpd of condensate and LPG on August 31st 2010. This is equivalent to 45,500 barrels of oil equivalent per day, a 20 per cent increase on the production rate at the start of 2010, it said.

The new production output achieved so far is 7.8 per cent higher than the Company s own estimates for the third "quarter output, made in a recent presentation.

The gas firms net profit fell 165 per cent to Dh66 in the quarter ending June 30, 2010, due to one off gain on the sale of a 10 per cent interest in a Kurdistan project.

However, Dana Gas reported 41 per cent increase in revenues due to higher production in Egypt and Kurdistan and rising hydrocarbon prices.

Dana Gas Egypts ability to develop its discoveries in a timely fashion is delivering gratifying increases in our production volumes for 2010, said Ahmed Al Arbeed, the Companys Chief Executive Officer.

By Haseeb Haider


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