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FINANCIAL NEWS
Dana unveils new gas discovery in Egypt
05 Sep 2010
(MENAFN) UAE-based natural gas company Dana Gas announced that it has made a new discovery in the Nile Delta, Egypt, Bloomberg reported.
The discovery well, South Abu El Naga-1ST, is located in the West El Manzala Concession, the company said in a statement to the Abu Dhabi bourse.
Dana said the preliminary reserves estimate is in the range of 50 billion to 90 billion standard cubic feet of gas, with 1 million to 2 million barrels of associated condensate.
The discovery is the company�s fourth in Egypt this year, the statement said, adding that the new well would be appraised and development options studied.
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