29-06-08 UAE-based Dana Gas announced an oil discovery in Egypt's Al-Baraka 2 well, confirming a newspaper report about its first find in the North African country this year.
"We hope such discoveries continue to build company revenues and profitability, particularly in light of current high oil prices," Ahmed Al-Arbeed, executive director of Dana's upstream operations, said.

The new well, part of the Komombo concession, was expected to yield about 2,200 bpd.
"The new well confirmed the first discovery, Al-Baraka-1, in the Abu Ballas formation, and proved a new discovery in the underlying Six Hills formation," Dana said. Dana said it will carry out hydraulic fracturing on the producing reservoirs in two wells to enhance their productivity.

In March Dana Gas said it would drill 19 new wells in Egypt this year to potentially double the firm's Egyptian reserves and will spend more than $ 170 mm this year on that.
Dana Gas, which relies on Egypt for the bulk of its income, said in January it plans to invest about $ 500 mm in Egypt and Iraq's Kurdish region this year to boost natural gas output.