UAE’s Dana Gas makes 2 new gas finds in Egypt

UAE’s Dana Gas makes 2 new Egypt finds

CAIRO — Dana Gas said Sunday it had made two new gas discoveries in Egypt, finds that will further boost the United Arab Emirates-based producer’s extensive holdings in the country.

The company said the first discovery in the West El Manzala concession produced 10 million standard cubic feet per day of dry gas, with preliminary estimates of recoverable reserves of 8 to 13 billion cubic feet of gas.

The second find, also in the same concession, produced 16.3 million standard cubic feet per day of gas with condensate and preliminary recoverable reserves are 27 to 57 billion cubic feet of gas with associated condensate.

Last year, the company announced eight discoveries from 12 exploration wells, boosting its proved plus probable reserves by 40 percent to 132 million barrels of oil equivalent, Ahmed Al Arbeed, Dana’s chief executive, said in a statement.

The two discoveries are expected to be tied into the company’s El-Wastani gas processing facility by the end of 2010.