Dana Gas Egypt Achieves 20% Increase in 2009 Average Daily Production Rate & Makes 9th New Gas Discovery

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Dana Gas PJSC, the Middle East's first and largest regional private sector natural gas company, has announced that it has successfully achieved its end of year production target for Egypt operations by delivering a production rate in excess of 40,000 boepd on December 31^st 2009. Overall, Dana Gas Egypt has delivered an average production rate of 34,750 boepd during 2009. Compared to 2008, this represents an increase of 27% on the end of year production rate and is a 20% increase on the average daily production rate.
 
Speaking of the production results, Dana Gas CEO Mr. Ahmed Al Arbeed, said, “We are very pleased with the 2009 operational performance of our business in Egypt. Meeting the 40,000 boepd target is a tribute to the Dana Gas teams and their focus and ability to monetize the value from our acreage”.
 
The company is also pleased to announce the ninth gas discovery from the Orchid-1 well. This new discovery follows its eight gas discoveries in the country announced throughout 2009 (namely Salma-1, West Manzala-2, Azhar-1, Tulip-1, Sharabas-1, Sama-1, Faraskur-1 and Marzouk-2).
 
The Orchid-1 well was drilled in the West Manzala concession of the Nile Delta, 1.3 kilometres to the west of the Azhar1 well, and was spudded on 15 December 2009, reaching a total depth of 1,700m in the Pliocene Kafr El Sheikh formation.
 
The well encountered 8.4 meters of net pay of excellent sand reservoir of Kafr El Sheikh formation, and tested dry gas at a rate of 12.6 million standard cubic feet of gas per day. Dana Gas is currently studying the options for producing Orchid-1 discovery through either its El Wastani or South El Manzala gas plants.
 
The preliminary estimated recoverable reserves of the Orchid discovery range between 10 - 50 billion cubic feet (bcf) of dry gas, pending further appraisal.
 
Speaking of this latest discovery, Dana Gas CEO Mr. Ahmed Al Arbeed, said, “We are very pleased with the continuing success of our Egypt drilling campaign, which started in 2008. This campaign has already yielded very positive results for us and we will continue with our exploration campaign, we will develop our discoveries, all aimed at growing Dana Gas production operations in Egypt”.
 
Dr. Hany Elsharkawi, President of Dana Gas Egypt, said, “We have had a number of significant discoveries in Egypt in 2008 and 2009. It is clear that 2010 will also be a very busy year for us, as we develop all these discoveries and continue with our exploration drilling program in the Nile Delta and Upper Egypt. We look forward with confidence, building on the success to date”.
 
Dana Gas is the sixth highest natural gas producer in Egypt.

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