Dana boosts exploration and production activities in Egypt

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Dana Petroleum plc (‘Dana’) is bringing new wells into production in Egypt, through its Joint Venture company Zeitco – and has also been successful in the 2011 EGPC bidding process.

Dana completed the East Zeit A17Z well on 8 September as a successful oil producer, with initial rates of 1,400 boepd and 3 mmscf/d through a 24/64” choke. This was the last well of a four well campaign that has significantly enhanced the long term production capability from the East Zeit Field, as well as identifying new opportunities to pursue in the medium term.

The Zeitco JV also completed the East Matr-4XST2 onshore well in North Zeit Bay on 10 October. This well encountered 34‘ of net oil sand in the Rahmi Member of the Kareem Formation. It has been tested at a maximum rate of 4,527 boepd and 4.797mmscf/d. This well will be brought onto production before the end of the year.

The Egypt General Petroleum Corporation (EGPC) has notified Dana that it is the successful bidder on Block 12 ‘El Qa’a Plain’ from the 2011 bid round which closed on 29 March. This was a joint bid between Dana Petroleum (37.5% working interest (WI), as Operator), with partners Petroceltic International (37.5 % WI) and Beach Petroleum (25 % WI).

It is expected the new concession will be formally awarded in 2013 following the ratification process by the People's Assembly (Parliament). The block is composed of two largely unexplored areas covering 1823.5 km2 in the southern part of the Sinai Peninsula, east of the prolific Gulf of Suez.

Egypt Managing Director Nick Dancer said: “We are delighted with the continuation of our drilling success to build production and reserves in Egypt, and are pleased with the result of the bid round. We look forward to developing our relationship with Petroceltic and Beach Petroleum, which will allow us to diversify our exploration efforts into new areas.

“We are committed to Egypt in the long term and will continue to invest and seek further exploration and production opportunities. This is a key part of the Dana growth strategy over the next five years and beyond.”

ENDS

 

NOTES TO EDITORS

About Dana Petroleum plc

Dana Petroleum plc is a $4 billion oil and gas business with operations in the UK, Egypt, Norway, The Netherlands and Africa, producing 60,000 barrels of oil a day. Acquired by the Korea National Oil Corporation in 2010, our ambition is to grow to become a leading international oil and gas company operating in Europe, Africa and the Middle East. We will invest up to $5 billion over the next five years to more than double the size of the company and create value for our shareholder.

For further information contact:

Andrew McCallum
Director of Group Communications and External Affairs
dana.pressoffice@dana-petroleum.com
01224 616100

Gordon Welsh
Group Communications Manager
dana.pressoffice@dana-petroleum.com
01224 616100