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Monday, July 1, 2013
Egypt has knocked out a new natural gas discovery in the Nile Delta. The discovery was made by Dana Gas on the West El Manzala concession with the drilling of the Begonia-1 well.
The UAE-based company said that the well encountered 15 meters of net pay in a good quality sandstone reservoir of the Lower Abu Madi Formation. On test the formation produced 9.4 Mmcf/d of gas with 133 barrels of condensate per day. The evaluated resources for the Abu Madi Lower pay zone are between 7 and 15 Bcf and around 100,000 barrels of condensate.
The company has submitted a notification of commercial discovery and is preparing to submit a development plan for this discovery as part of a Development Lease application.
Dana anticipates that the Begonia-1 will be tied into the existing South Abu El Naga field flow line which will take the gas to the El Wastani gas processing plant. Once fully developed the field will add around 1,600 boepd of production.
Rashid Al-Jarwan, acting CEO said: “The Company is pleased to announce another successful well discovery which will add to our production, cash flow and reserves in Egypt. We look forward to continue our appraisal drilling activities in the months to come.”
Dr. Patrick Allman-Ward, GM, Dana Gas Egypt, commented: “We are pleased to have made another excellent gas discovery in our onshore Nile Delta asset in 2013, following the outstanding results of 2012. The Begonia-1 well continues a series of rich gas discoveries made last year, with the potential for fast hook up and production that helps to contribute to meeting Egypt’s gas needs. We are planning to drill two additional appraisal wells in these discoveries before the end of 2013.”
Dana Gas is continuing constructive discussions with the authorities on its remaining outstanding receivables. During Q1 2013, Dana Gas collected $41 million with a 100% revenue collection.
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