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Sunday, December 16, 2018
Dana Gas saw its group production reach 70,000 boepd on November 19 and the company has since sustained its flows above that level. Helping the company achieve this milestone was its flows out of Egypt.
The drilling of Dana Gas’ Balsam-8 well aided in its sharp increase in overall production. Current group production, in excess of 70,000 boepd, represents a significant increase compared to the company’s 2018 average of 62,250 boepd.
In Q4, Dana Gas Egypt completed the drilling of the Balsam-8 well and tied it in to the network. The well was completed ahead of schedule and under budget, adding over 5,000 boepd to its output.
Dana also saw an increase at its Khor Mor field in the Kurdistan region of Iraq, which it jointly operates on behalf of Pearl Petroleum.
Dr Patrick Allman-Ward, CEO, Dana Gas, said: “Production in excess of 70,000 barrels oil equivalent per day is a great achievement for Dana Gas. At the start of the year, we planned a drilling program in Egypt and a debottlenecking project in the KRI that would significantly increase production. We have successfully delivered both projects. The increase in production will help offset the lower realized hydrocarbon prices that have impacted the oil industry in the last quarter and support growth in our revenue and net profit figures for the full year 2018 and beyond.”
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