Dana Petroleum and Zeitco confirm Egypt well success

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Dana Petroleum plc ("Dana") is pleased to announce that Zeitco, its joint venture with the Egyptian General Petroleum Company (EGPC), has successfully completed its first well of 2012, A12Z on the East Zeit field.

The well was drilled with the new-build Sino Tharwa jack-up rig Bahari 1, after successful commissioning with Zeitco.

Initial production rates of over 1,000bbls oil per day have been recorded for the last week. When production stabilises, this will significantly enhance production from the East Zeit field, which was previously producing around 3,400bbls oil per day.

Dana's Managing Director in Egypt, Nick Dancer, said:

“A12Z is the first in a three well campaign, as part of a US$169 million investment Dana is making in Zeitco this year. This level of investment, coupled with the first multi-well campaign on the East Zeit field since 2004, shows Dana’s commitment to Egypt and partnership with EGPC.”

Zeitco is an Egyptian joint venture company formed to operate the East Zeit concession, on behalf of the equal shareholders, EGPC and Dana Petroleum. Dana Petroleum has a 100% working interest in East Zeit.

This latest well success follows Dana’s January announcement about first oil from the Matr-1XST well it operates in the North Zeit Bay PSC area and the formation, last November, of "Petro Kareem" - a new joint venture between Dana and the Egyptian General Petroleum Corporation.

Petro Kareem will produce oil and gas from the Lorcan development lease, within the North Zeit Bay concession, located onshore in the Gulf of Suez, 320km south east of Cairo.