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Wednesday, February 19, 2014
Dana Gas picked up a new concession in Egypt with the signing of an agreement with the government. The block, the North El Arish (B agreement for the North El Arish Block 6) Concession Area in the eastern Nile Delta, is the company’s first offshore block in Egypt.
The 2,980 sq km block was awarded in April 2013 as part of a competitive bidding process.
Multiple play types have already been identified within the acreage and plans for the first exploration phase of four years, which has now commenced, includes seismic acquisition and the drilling of one exploration well.
The company also announced the award of a new Development Lease, the Balsam brings Dana G’s current lease total to 13. Alongside the award of Balsam, Dana Gas has secured an 18 sq km increase at its El Basant and Sama Development Leases in West El Manzala and West Al Qantara concessions respectively.
These extensions bring the full extent of the Allium-1 and West Sama-1 well discoveries, made in H2 2012, within development leases awarded to Dana Gas. The company has filed development plans for these leases and the fields can be brought onstream very rapidly given Dana Gas’ comprehensive gas pipeline network and processing plants across its operating area.
In line with the company’s scheduled review periods included in the Development Lease agreements, the West El Manzala Development Lease has been reviewed and reduced from 313 sq km to 130 sq km. In addition, the Ward Development Lease (30 sq km) has been relinquished as the company considers its remaining prospectivity to be limited. Dana Gas is still in discussions with the government concerning the award of a development lease over its Begonia exploration discovery made early-2013.
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