Dana Gas makes third Egyptian gas discovery

Oct 15, 2008 02:00 AM

UAE-based Dana Gas announced a gas and condensate discovery in Egypt's Qawasim formation, its third find in the North African country this year.
"This is an important discovery which proves the high potential of the Qawasim formation resulting in significant reserves addition to the company," said Ahmed al-Arbeed, executive director of upstream operations.

Tests showed that the well produced 23.5 mm cfpd of gas and 1,027 barrels of condensates, it said.
Sharjah-based 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.

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