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Dana Gas eyes new discoveries in Egypt - IR Head

Dana Gas eyes new discoveries in Egypt - IR Head
Dana Gas is considering new discoveries at El Matareya Concession in Egypt later this year
Dana Gas
DANA
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By: Mahmoud Gamal

Abu Dhabi – Mubasher: Dana Gas, listed on the Abu Dhabi Securities Exchange (ADX), is considering new discoveries at El Matareya Concession in Egypt later this year, the company’s head of investor relations Mohammed Mubaideen told Mubasher.

Earlier this day, Dana Gas announced it had completed its drilling operations at the deep-water Merak-1 well, located in 755 metres of water in the North Al Arish (Block 6) concession in Egypt.

The ADX-listed company also revealed that Merak-1 well has been plugged and abandoned and that at least three other independent prospects with material resource potential at the Block 6 Concession area are unaffected by the well’s results.

In 2007, Dana Gas acquired Centurion’s assets onshore the Nile Delta in Egypt and since that time 48 exploration wells were drilled with a 67% success rate resulting in 25 new pool discoveries.

Dana Gas’ production from Egypt currently amounts to over 34,000 barrels of oil equivalent per day (boepd).

In June, Dana Gas had received AED 177 million ($48 million) payments from its operations in Egypt in June, including $38 million from the Egyptian government and $10 million from the sale of the second El Wastani condensate shipment in 2019.

Moreover, Mubaideen highlighted that Dana Gas plans to boost its oil and gas condensate output from its operations in the Kurdistan Region of Iraq (KRI) to 900 million feet per day from 400 mfpd.

This expansion will be implemented through the installation of two new lines to add 250 million feet and 10,000 barrels of condensates, he said.

He further noted that the company targets revenue growth from the KRI to reach $400 million a year from $350 million.

Dana Gas announced on Sunday that its share of the proved plus probable (2P) hydrocarbon reserves at Pearl Petroleum Company’s Khor Mor and Chemchemal Fields in the KRI grew by 10% following the recent certification of reserves by Gaffney Cline Associates (GCA).

The total share for Dana Gas increased to 1,087 million barrels of oil equivalent (MMboe) from 990 MMboe when GCA first certified the fields in April 2016, according to an independently audited report conducted by Gaffney Cline on behalf of Pearl Petroleum.

 

Translated by: Mai Ezz El-Din