Dana Gas receives award for Egypt operations

EPEX is the gateway of spreading and exchanging applied petroleum exploration knowledge among the different members of the Egyptian exploration community for the stimulation of new ideas, concepts and innovation of new exploration technology.

The Best Achievements Awards are presented by EPEX in cooperation with, the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and the Ganoub El Wadi Holding Petroleum Company (GANOPE).

The award was presented to Dana Gas in recognition of its important discoveries in Southern Egypt, which heralded a new age in the development of that region, particularly given the company's significant contribution to the oil and gas industry in Egypt to date.

In a presentation Dr Hany Elsharkawi, Dana Gas Egypt Country Director, described the Al Baraka well achievement and the exploration practices that led to Dana Gas receiving the award:

"Southern Egypt is incredibly important to the country's oil and gas industry," said Dr Elsharkawi. "Dana Gas' achievement in the area as the first to discover oil in commercial quantities in Southern Egypt paves the way for discovery of more reserves. We will continue to work on the Komombo concession on the western bank of the Nile, where drilling and exploration covers an area of more than 5,000 acres."

"Although the project was challenging with respect to population density and geographic considerations, the excellent knowledge shown by the team of the area's geology and seismic activity, along with solid relationships with Egyptian authorities, played a vital role in the success that led to this award."

Dana Gas is the sixth highest natural gas producer in Egypt and its oil and gas production operations in the country achieved a year-end exit production rate of over 32 thousand barrels of oil equivalent per day in 2007, due to new discoveries achieved by the Company in the Nile Delta.

In order to implement its comprehensive plan for sustained and continued exploration, Dana Gas has earmarked $170m to drill a total of 19 new wells in Egypt in 2008, including 15 exploration wells and four development wells. The wells are located at the Komombo Concession in Upper Egypt and two concessions in the Nile Delta.