21.07.10 Egypt Politics and Security
Dana Petroleum signs agreement with BG to acquire 50 per cent interest in the El Manzala
Dana Petroleumn Nile Delta, Egypt
Dana Petroleum has signed an agreement with BG to acquire a 50 per cent interest in the El Manzala concession, located in the Mediterranean Sea, offshore Egypt. The Concession is
a large production sharing contract (PSC) area, covering some 630sq km,
situated
in the offshore Nile Delta region.
Dana will finance the cost of the next exploration well up to an agreed cap in
order to earn the 50 per cent interest. Dana has assessed that this area is
prospective in both the Pliocene play, analogous to Dana's two gas discoveries
in the West El Burulus concession (WEB-1 and Papyrus), as well as having further potential in the deeper high pressure horizons. The
deal is subject to standard regulatory procedure, and will add significantly to
Dana's expansion in Egypt's offshore Nile Delta region.
“We look forward to working with BG, 50/50 in this large concession in the
eastern part of the Nile Delta, with a plan to drill in early 2011. This
further
extends Dana's strategic position and growth opportunities across Egypt, where
we
are already 50/50 partners with Gaz de France in the western area of the Nile
Delta, together having made two gas discoveries with our first two wells at
WEB-1
and Papyrus. Dana is also 50/50 partners with Apache in the Western Desert
where
the group has made, and successfully brought onstream, several oil
discoveries," said, Dana's chief executive, Tom Cross.
To find out more about Dana Petroleum please visit Dana Petroleum's web site,
which you can find here.
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