Dana Gas Sukuk Rises Most in Two Weeks After Egypt Gas Find

May 4 (Bloomberg) -- Dana Gas PJSC’s Islamic bond rose the most in more than two weeks after the United Arab Emirates-based energy producer discovered natural gas in Egypt’s Nile Delta region.

The yield on the 7.5 percent sukuk maturing in October 2012 fell 64 basis points today, or 0.64 percentage point, to 13.3 percent as of 6:13 p.m. in Dubai.

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

To contact the reporter on this story: Camilla Hall in Dubai at chall24@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net