ID :
37959
Tue, 12/30/2008 - 12:12
Auther :
Shortlink :
http://m.oananews.org//node/37959
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Dana Gas announces new gas discovery in Egypt
Sharjah, Dec 30, 3008 (WAM) - Dana Gas, the Middle East's first and largest regional private sector natural gas company, has announced a significant gas and condensate discovery at its El Basant-2 well in the Nile Delta Concession in Egypt.
The El Basant-2 well, located 1.4 kilometres northeast of the El Basant-1 discovery (previously known as El Tawil-1) in the West El Manzala Concession, was spudded on 6 December 2008, reaching a total depth of 3,050 meters and encountered 37 metres of net sand pay with good porosity and permeability in the Qawasim formation.
According to Dr Hany Elsharkawi, Dana Gas country director in Egypt, the cumulative proven and probable reserves in the El Basant hydrocarbon accumulation significantly raises Dana Gas.
"This acreage is particularly attractive to us as we have established production in the area and we are able to bring new discoveries on production quickly and at comparatively low cost. In addition our gas is sold at a fixed price, provided the oil price stays above $22/bbl. Dana Gas has already applied for a Development Lease, which we expect to be granted soon, and we anticipate a production start-up by the end of March 2009," Elsharkawi said.
Dana Gas is the first regional private-sector natural gas company in the Middle East, established with over 300 reputable founder shareholders from across the Gulf Cooperation Council (GCC) region, and some 300,000 investors from over 100 nationalities worldwide who submitted applications of over US$78 billion over ten days in the company's regional IPO in late 2005.
The El Basant-2 well, located 1.4 kilometres northeast of the El Basant-1 discovery (previously known as El Tawil-1) in the West El Manzala Concession, was spudded on 6 December 2008, reaching a total depth of 3,050 meters and encountered 37 metres of net sand pay with good porosity and permeability in the Qawasim formation.
According to Dr Hany Elsharkawi, Dana Gas country director in Egypt, the cumulative proven and probable reserves in the El Basant hydrocarbon accumulation significantly raises Dana Gas.
"This acreage is particularly attractive to us as we have established production in the area and we are able to bring new discoveries on production quickly and at comparatively low cost. In addition our gas is sold at a fixed price, provided the oil price stays above $22/bbl. Dana Gas has already applied for a Development Lease, which we expect to be granted soon, and we anticipate a production start-up by the end of March 2009," Elsharkawi said.
Dana Gas is the first regional private-sector natural gas company in the Middle East, established with over 300 reputable founder shareholders from across the Gulf Cooperation Council (GCC) region, and some 300,000 investors from over 100 nationalities worldwide who submitted applications of over US$78 billion over ten days in the company's regional IPO in late 2005.
