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Dana Gas Discovers Fuel in New Deposit at Egypt Field

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May 3 (Bloomberg) -- Dana Gas PJSC, an energy producer focused on Egypt, found natural gas at the South Abu El Naga-2 well in the Nile Delta region, leading to the discovery of a new formation of hydrocarbons.

The reservoir, called the El Wastani formation, may hold more than 60 billion cubic feet of gas reserves, Dana Gas said in a statement today, citing preliminary estimates. The Abu Madi Formation, the existence of which was known, may hold as much as 90 million cubic feet of gas reserves, it said.

Dana Gas drilled the South Abu El Naga-2 well to appraise the previously announced field of the same name and produced gas at a rate of 14.1 million cubic feet a day with 718 barrels of condensate. The El Wastani Formation produced 5.9 million cubic feet a day of dry gas, the company said.

The company, based in the sheikhdom of Sharjah in the United Arab Emirates, has a target to raise production from deposits in Egypt and Iraq’s Kurdistan region by 20 percent this year, Chief Executive Officer Ahmed Al-Arbeed said in an interview Jan. 31.

The company today said it will prepare a development plan for the newly discovered hydrocarbon pool and may link the deposit with a gas processing station by the end of the year.

To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net; Ayesha Daya at adaya1@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net