Dana Gas to drill 19 wells in Egypt

UAEs Dana Gas - Middle Easts first regional private natural gas company - is to drill 19 new wells in Egypt this year as part of its aggressive exploration and development programme.

Nicosia, Apr 15 : UAE's Dana Gas - Middle East's first regional private natural gas company - is to drill 19 new wells in Egypt this year as part of its aggressive exploration and development programme.

The cost for this endeavour, will rise to $170m. The wells could potentially double Egypt's gas reserves.

Dana Gas will drill 15 exploration wells and four development wells. The wells are located at the Komombo concession in Upper Egypt and the two Nile Delta concessions.

There will be one exploration and one development in the Komombo concession, three development and 14 exploration wells in the Nile Delta, five of which are targeting the Sidi Salem Formation. The wells in the Sidi Salem Formation are technically challenging, targeting depths around 4,000 meters.

Dr. Hany Elsharkawi, Dana Gas Country Director in Egypt, said: "This is a defining year for the upstream operation in Egypt. This exploration and development program could potentially double the size of our reserves, and would provide a further boost to Dana Gas production and revenues in Egypt. The gas sector in Egypt is expanding rapidly, and we are confident that this program will grow our already strong position in the country."

ANI